http://news.tbo.com/news/metro/MGB5SEJVN3F.html
That's not strictly correct. Wal mart and alot of companies take insurance out on their employees without their knowledge, even rank and file.
I know they did, but it was in one of the few states where it’s legal and they’ve been sued over it. Most of the time, key men know they’re insured and have agreed to it.
I had a friend who took out policies all the time on a sickly relative of hers without his knowledge - and she could borrow against the whole value of it, just paying a few dollars here and there. Seemed like a scam to me.