Which statement about key employee life insurance is accurate?

The statement indicating that the business is always the owner and beneficiary of key employee insurance is accurate because key employee life insurance is specifically designed to protect a company against the financial loss that may occur due to the death of an essential employee. In this arrangement, the business takes out a life insurance policy on a key employee, naming itself as the policy's owner and beneficiary. This means that upon the employee's death, the business will receive the death benefit, which can be used to cover the cost of hiring and training a replacement, address lost revenue, and maintain the overall financial stability of the company.

This arrangement illustrates the critical role that key employees play in a business's operations and the need for the business to safeguard its interests through the financial protection offered by this type of insurance policy.