{"id":7542,"date":"2020-02-04T08:20:11","date_gmt":"2020-02-04T07:20:11","guid":{"rendered":"https:\/\/www.prismalife.com\/prismawiki\/keyman-insurance\/"},"modified":"2020-02-04T08:20:11","modified_gmt":"2020-02-04T07:20:11","slug":"keyman-insurance","status":"publish","type":"encyclopedia","link":"https:\/\/www.prismalife.com\/en\/prismawiki\/keyman-insurance\/","title":{"rendered":"Keyman Insurance"},"content":{"rendered":"<p>Keyman insurance is a life <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/insurance-policy\/\" target=\"_self\" title=\"Insurance policy is also called certificate or &ldquo;Polizze&rdquo; (Austria). It is a document about the insurance contract. It is a summary and documentation of the agreements (rights and obligations) of the contracting parties. You need this document if you assert your claims for benefits under the contract.\" class=\"encyclopedia\">insurance policy<\/a> that a <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/company\/\" target=\"_self\" title=\"Legal entities (e.g. e.V., GmbH, AG), partnerships (e.g. OHG, KG, GbR) or sole proprietorships.\" class=\"encyclopedia\">company<\/a> takes out for the life of a key employee. The <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/company\/\" target=\"_self\" title=\"Legal entities (e.g. e.V., GmbH, AG), partnerships (e.g. OHG, KG, GbR) or sole proprietorships.\" class=\"encyclopedia\">company<\/a> is the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/policyholder\/\" target=\"_self\" title=\"The parties to an insurance contract are the insurer on the one hand and the policyholder on the other. Both, natural and legal persons are eligible as policyholders.\" class=\"encyclopedia\">policyholder<\/a> and is entitled to receive benefits.<\/p>\n<p>The purpose of a Keyman insurance is to avoid liquidity bottlenecks or even economic distress for the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/company\/\" target=\"_self\" title=\"Legal entities (e.g. e.V., GmbH, AG), partnerships (e.g. OHG, KG, GbR) or sole proprietorships.\" class=\"encyclopedia\">company<\/a> in the event of the unexpected death or serious illness of the key employee. The resources of the key man (knowhow, inventiveness) can form majority of the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/company\/\" target=\"_self\" title=\"Legal entities (e.g. e.V., GmbH, AG), partnerships (e.g. OHG, KG, GbR) or sole proprietorships.\" class=\"encyclopedia\">company<\/a>&rsquo;s value, which makes the need for protection obvious. For this reason, this insurance defines the benefit content of a key employee insurance. Keyman insurance therefore protects the <a href=\"https:\/\/www.prismalife.com\/en\/prismawiki\/company\/\" target=\"_self\" title=\"Legal entities (e.g. e.V., GmbH, AG), partnerships (e.g. OHG, KG, GbR) or sole proprietorships.\" class=\"encyclopedia\">company<\/a> itself, not the key person. The funds provided in the event of the death or illness of the key employee are used to find adequate replacements (to the extent possible).<\/p>","protected":false},"author":1,"template":"","encyclopedia-category":[],"encyclopedia-tag":[],"class_list":["post-7542","encyclopedia","type-encyclopedia","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia\/7542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia"}],"about":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/types\/encyclopedia"}],"author":[{"embeddable":true,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":0,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia\/7542\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/media?parent=7542"}],"wp:term":[{"taxonomy":"encyclopedia-category","embeddable":true,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia-category?post=7542"},{"taxonomy":"encyclopedia-tag","embeddable":true,"href":"https:\/\/www.prismalife.com\/en\/wp-json\/wp\/v2\/encyclopedia-tag?post=7542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}