GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Business Continuation Insurance


Synonyms:business insurance coverage, business life insurance, key person insurance, keyman insurance
Filed Under: financial-banking, insurance
Tags: banking, insurance
 

Definition of business continuation insurance

business continuation insurance
1. A life insurance policy bought by a company in order to provide protection in the event that someone integral in the business's operation dies or becomes disabled. Also known as "Business Life Insurance" or "Key Person Insurance."

Related Terms and Acronyms:

  • business insurance   An umbrella term for insurance that covers various losses that may arise due to the operation of a business.
  • business interruption insurance (BII)   Insurance that covers losses in business income after an event interrupts business operations.
  • business life insurance   Life insurance that provides coverage in the event that a person key to the operation of a business dies.
  • consequential loss   The financial loss that occurs due to an entity's inability to use an asset or property.
  • entity-purchase agreement   A plan used for businesses with multiple owners where insurance policies are taken out for each owner in the amount of their ownership stake.
  • handicap accessibility   A measure of how accessible a location, product or service is for people with special needs or disabilities.
  • insurable interest   Something of sufficient worth and benefit that an individual or entity would have reason to insure against its lost.

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