Bank-Owned Life Insurance

Business, Legal & Accounting Glossary

Definition: Bank-Owned Life Insurance


Bank-Owned Life Insurance

Quick Summary of Bank-Owned Life Insurance


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.




Synonyms For Bank-Owned Life Insurance


BOLI


Cite Term


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https://payrollheaven.com/define/bank-owned-life-insurance/
Modern Language Association (MLA):
Bank-Owned Life Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. November 30, 2021 https://payrollheaven.com/define/bank-owned-life-insurance/.
Chicago Manual of Style (CMS):
Bank-Owned Life Insurance. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/bank-owned-life-insurance/ (accessed: November 30, 2021).
American Psychological Association (APA):
Bank-Owned Life Insurance. PayrollHeaven.com. Retrieved November 30, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/bank-owned-life-insurance/

Definition Sources


Definitions for Bank-Owned Life Insurance are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 19th November, 2021 | 0 Views.