Definition of business life insurance
1 : insurance on the life of a member of a partnership or upon an officer or stockholder in a corporation payable so as to finance purchase by surviving owners of the insured's interest after the insured dies
2 : insurance on the life of a sole proprietor payable so as to finance the purchase of the business by an outside interest at the owner's death
3 : insurance on the life of a key employee for the benefit of a business concern
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