split-dollar insurance plan
A type
of business insurance in which an employee is covered by individual
life insurance that is paid for jointly by the employee and the
employer. The employee names the beneficiaries. Each year the
employer pays the portion of the premium that is equal to the
increase in the policy's cash value for that year, and the employee
pays the balance of the premium. If the employee dies, the employer
will receive an
amount of the
proceeds equal to the cash
value of the policy,
while
the beneficiaries
of the policy will receive the
remaining benefits.
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