Keyman insurance policy covers life policies taken by an employer on an employee's life, including assigned policies. A Keyman insurance policy is defined for income tax purposes as a life insurance policy taken by a person on the life of another who is or was that person's employee or was connected in any manner with the first person's business, and it includes any such policy that has been assigned to a person at any time during the term of the policy, with or without consideration.
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Provisions expressly mentioned in the judgment/order text.
Keyman insurance policy covers life policies taken by an employer on an employee's life, including assigned policies.
A Keyman insurance policy is defined for income tax purposes as a life insurance policy taken by a person on the life of another who is or was that person's employee or was connected in any manner with the first person's business, and it includes any such policy that has been assigned to a person at any time during the term of the policy, with or without consideration.
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