partnership life insurance

partnership life insurance definition - business

partnership life insurance

Life insurance on a partner paid for by the other partners. Upon the death of the partner, the insurance company pays an amount equivalent to the value of the deceased partner's ownership stake so that the stake can be purchased from the deceased's heirs.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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