That value does NOT, in all likelihood, represent the total value. The question of whether or not a value may be considered an asset in a business is the salient point that needs to be answered in this discussion. Determining who should be considered key personnel requires a firm to study the nature and operation of its particular business. Key persons fall into many categories.
Top executives are clear examples.
Less obvious, but often equally important, are research workers, sales managers, top salespersons, department heads, the company treasurer or accountant. Not all key employees have titles and, also not all title-bearers are key persons if a replacement is readily available. If a business does have an insurable interest in one or more employee's life, it can be protected against financial loss resulting from the key employee's death and disability through key employee insurance. Early work in the human capital area argued that investment in training occurs and creates a human asset under certain conditions. An asset is created through an outlay that is to be recaptured over some period by paying wages less than marginal productivity.