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A person, an employee who is subject to a Corporate-owned life insurance that benefits the corporation in case of death of such person.

The term was unknown to general public until it came to light in Michael Moore's film "Capitalism: A Love Story". It may have originated as a reference to profitiring scheme described in Russian 19th century novel "Dead Souls" by Nikolai Gogol.
Ever heard of "dead peasant" insurance policies?
by epicure March 07, 2010
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Dead Peasant Policy: a life insurance policy that employers can own as the beneficiary in case their employee dies.
This immoral and unethical practice by many large corporations was unknown to the average American worker until the film maker Michael Moore popularly exposed its existence and wide spread abuse at the turn of the 21st century.
Hey my fields will not get plowed if my peasants suddenly die and my crops rot. I need insurance on my dead peasants. Hey, then I can make even more money if I deny my peasants health care and work them to death.
by SpottedBlueDog October 04, 2009
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