COLI
Business & Finance abbreviation · Insurance
| Stands for | Corporate-owned life insurance |
|---|---|
| Categories | Business & Finance |
COLI stands for Corporate-owned life insurance, an insurance abbreviation.
Life insurance a company buys on its employees, typically executives, naming itself as beneficiary, often to fund benefits or protect against the loss of key people. Bank-owned versions are called BOLI.
Example: The board funds the deferred compensation plan with COLI.
Usage notes
After controversy over "janitors insurance" bought on rank-and-file workers without their knowledge, a 2006 law required notice and consent for tax-free death benefits on employees.
Related abbreviations
More insurance abbreviations
- CAR – Contractors' all risks insurance
- CAT – Catastrophe
- CDW – Collision damage waiver
- CGL – Commercial general liability
- CLUE – Comprehensive Loss Underwriting Exchange
- COI – Certificate of insurance
- COLL – Collision coverage
- COMP – Comprehensive coverage
- CPI – Collateral protection insurance
- CSL – Combined single limit
- CSV – Cash surrender value
- CTP – Compulsory third party insurance