business life insurance

noun

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

The Ultimate Dictionary Awaits

Expand your vocabulary and dive deeper into language with Merriam-Webster Unabridged.

1. Expanded definitions
2. Detailed etymologies
3. Advanced search tools
4. All ad-free

Discover what makes Merriam-Webster Unabridged the essential choice for true word lovers.

Start Your Free Trial Now