Business, Legal & Accounting Glossary
A life insurance policy issued by a bank as an employee benefits vehicle, whereby the bank is listed as the primary beneficiary. The policy is set up with a fund where premiums are deposited and claims are paid out. This type of policy allows the bank to accumulate funds tax-free.
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Definitions for Bank-Owned Life Insurance are sourced/syndicated and enhanced from:
This glossary post was last updated: 19th November, 2021 | 0 Views.