Question

A company that owns a life insurance policy on one of its key employees may do all of the following EXCEPT

Answer 1

In the event of the person's death, the company receives the policy's death benefit. That money can be used to cover the costs of recruiting, hiring, and training a replacement for the deceased person.

Answer 2

A company that owns a life insurance policy on one of its key employees may not use death benefits for self-gain. This is further explained below.

What is a company?

Generally, a company is simply defined as  one that deals in commerce.

In conclusion, The policy's death benefit is paid to the firm if the insured dies while employed by the company. In the event of a death, the funds might be utilized to replace the lost income while looking for a suitable successor and providing necessary training.

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