KEY PERSON *   Most businesses have one or more so-called “key person.” These are employees whose services are especially crucial in connection with the income or profits of the business. To the extent that there is such an employee, it is obvious that the premature death or the total disability of that key employee could have disastrous effects upon the earnings of the business. Equally obvious is the fact that life insurance on the life of the key employee, the insurance being owned by the business and with the business the beneficiary of the policy, is prescribed. Then, following the premature death of the key employee, the insurance proceeds serve to reduce substantially the otherwise severe financial loss to the business. Similarly, the business would want to purchase disability income insurance on the life of the key employee, with the business names as beneficiary of the policy.