What can a master password also be called? When having a company computer that is full disk encrypted, it is common that the boss have a master password / backdoor, so the data always can be decrypted.

I have heard some call this for "scrow" or something similar.

Does anyone know the correct name?
I think the thing you are looking for is "escrow" as in http://en.wikipedia.org/wiki/Key_escrow. 
Be aware though that the security of your system is reduced to the hardness for an attacker to find the master password which might be much easier than breaking the disk encryption scheme