Which of these scenarios does not typically involve "key person insurance"?

Key person insurance is a valuable type of life insurance that organizations utilize to cover the potential financial losses that could arise from the death of a key individual within the company, who has a significant impact on the business's success. This often includes executives, founders, and other critical employees whose expertise, relationships, and continuation are vital to the business.

In the scenario where an individual insures their spouse, this situation primarily centers around personal financial planning rather than business continuity or risk management associated with a key person’s contribution to the business. The purpose of "key person" insurance is to protect the enterprise from the loss of a crucial employee, which does not apply to a personal relationship between spouses.

In contrast, scenarios involving a small business owner insuring their life, a corporation insuring its CEO, or a partnership insuring a co-owner all fit the framework of key person insurance. These situations each involve the business taking out a policy on individuals whose knowledge, skills, or relationships are critical to operational success, thus justifying the term “key person.”