Many different types of life insurance policies exist. Some are designed to be used as investments, while others are used to help pay family expenses when a loved one dies and leaves behind funeral costs and debts. However, there are few life insurance policies more controversial than corporate-owned life insurance and the benefits that the corporation receives upon the death of an employee.
Definition
1. A corporate-owned life insurance policy is simply a policy that a company buys to cover its employees. When the employee dies, the corporation receives money from the policy to use. These policies are known by several different colloquial names, such as dead peasants' or dead janitors' insurance. Typically only large corporations have enough money to spend on this type of insurance.
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