Insurance is a risk reduction tool used in our private and business lives. It is founded on the basic premise that a large group of individuals will cover a catastrophic event for one of the members sometime in the future. In general, the insurance company uses actuarial science (law of large numbers) to calculate the financial cost of accidents over a given period of time.
Key Man Insurance
Key man insurance is a life insurance policy purchased by the business to offset the associated costs and risk with the sudden or extended loss of a key individual in the company.