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Mr. Adam’s employee Mark, 57, has valuable business contacts. If anything happens to Mark, Mr. Adam will need time to find a suitable replacement and his business may be negatively affected. As a corporate policy owner, his company buys a US$1.5 million Signature Heirloom (III) policy for US$5 million of death cover, with Mark as the life insured. After Mark retires three years later, Mr. Adam can change the life insured of the policy to John, who will replace Mark.

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