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What is Key Person Insurance?

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Who is a key person?

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1. For which of the following would a company NOT use proceeds from a key person insurance policy?

2. Which of the following is NOT a category of loss covered by key person insurance?

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About This Quiz & Worksheet

You have the chance to check your knowledge of key person insurance thanks to the quiz/worksheet combo. For the quiz, you need to know what key person refers to and understand categories of loss covered by key person insurance.

Quiz & Worksheet Goals

Expect to be tested on the following topics:

  • Beneficiary of a key person insurance policy
  • Person who owns the key person insurance policy
  • Categories of loss covered by this type of insurance
  • When companies would use proceeds from a key person insurance policy

Skills Practiced

  • Making connections - use understanding of the concept of key person insurance and its purpose
  • Information recall - access the knowledge you have gained about the meaning of a key person
  • Interpreting information - verify that you can read information about who the beneficiary of a key person insurance policy is and interpret it correctly

Additional Learning

Take some time to explore the lesson titled What is Key Person Insurance? Use this lesson to quickly cover the following objectives any time:

  • Identify the advantages of having key person insurance
  • Determine how key person insurance works
  • Analyze how companies use key person insurance
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