Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What type of insurance policy may be used to fund this agreement

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Nell8516 Nell8516

10-03-2020
Business

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Partners in a business enter into a buy-sell agreement to purchase life insurance, which states that should one of them die prematurely, the other would be financially able to buy the interest of the deceased partner. What type of insurance policy may be used to fund this agreement

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osondumartins osondumartins · Answer 1 · 2020-03-12T01:15:26+01:00

osondumartins osondumartins

12-03-2020

Answer:Any form of life insurance.

Explanation:

A buy and sell agreement is an agreement between two or more parties that will enable them to trade certain items to each other.

An insurance policy and be bought especially if the insured party is willing and needs to sell his or her insurance package.

ANY FORM OF LIFE INSURANCE MAY BE USED TO FUND A BUY-SELL AGREEMENT, AS LONG AS BOTH PARTIES AGREE TO THEIR TERMS.

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batolisis batolisis · Answer 2 · 2020-03-12T16:02:08+01:00

Answer:

A life insurance policy

Explanation:

A buy-sell agreement is a type of a legally binding agreement between shareholders in a company that allows each shareholder to buy off the insurance policy of another shareholder/partner in the case whereby the shareholder is dead or unable to continue with the business and it is usually funded by a life insurance policy.

A life insurance policy is a contract entered by an individual or group of partners/shareholders with an insurance company in exchange for paying premiums against the insurance company providing lump payments to the insured beneficiaries in the event of the death of the insured.