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Split-Dollar insurance involves shared ownership of a life insurance policy between the company and the executive. The premium, cash surrender value, and death benefit are split between both parties. This arrangement provides creditor protection and future income benefits for the executive. The company primarily pays the premium, and the executive may be taxed or charged interest on a loan. The cash surrender value is usually assigned to the company up to the total premiums paid. Interest on the cash value can be used for retirement income.