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Split-Dollar insurance involves joint ownership of a life insurance policy by a company and an executive, with benefits including future income and a death benefit. The premium, cash surrender value, and death benefit are divided between the company and executive. The executive owns the policy, which offers creditor protection. The company primarily pays the premium, and the executive may be taxed on payments. The cash surrender value is assigned to the company up to the amount of premiums paid. Interest on the cash value can be used for retirement income.
