Business continuation insurance

{
  "id": "MLC-T-INS-000643",
  "term": "Business continuation insurance",
  "field": "Insurance and risk management",
  "definition": "A type of policy designed to provide funds for a business to continue operating after the death, disability, or retirement of a key owner or partner. The policy proceeds are used to execute a buy-sell agreement, allowing the remaining owners to purchase the departing owner's interest and maintain control of the company. Life insurance and disability income insurance are common funding mechanisms for these agreements.",
  "url": "https://mlchart.com/terminology/insurance/business-continuation-insurance/"
}