The Royal Keyman Assurance
Taken up by a corporate entity to protect a key person in the organization. The Sum Assured agreed at inception is payable to the beneficiary (ies) of the policy which must be a corporate entity for the loss of a key person.
Features
- Beneficiary/Loss Payee: This is the party entitled to receive money under an insurance contract on the happening of a stated contingency (death). The assured must be a corporate organization.
- Life Assured: This is the person on the duration of whose life the assurance depends.
- Premium: Premiums are computed based on age, the sum assured and the duration of policy.