Final answer:
A business partner insurance rider or key person insurance rider can be used to provide life insurance coverage for an additional insured who is an unrelated business partner. It's designed to allow continuity of business operations in case of the partner's death.
Step-by-step explanation:
The rider you are referring to is likely a type of life insurance rider designed to provide coverage for an additional person who is not directly related to the insured individual but has an insurable interest due to business relationships. This is commonly used in business partnerships, where each partner wants to ensure that the business can continue to operate smoothly in the event of the other partner's death. The specific rider that can be used to cover the life of an additional insured who is an unrelated business partner is called a business partner insurance rider or a key person insurance rider. These riders allow the policy owner to add coverage for a key employee or partner whose loss would significantly impact the business.
To procure such a rider, both parties usually need to show proof of an insurable interest and go through the process dictated by the insurance provider, which often includes a medical exam of the person to be insured and an application process. It is important to consult with an insurance professional to ensure that the correct type of coverage is obtained for your specific business needs.