- KEY PERSON INSURANCE
Insurance on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.
- KIDNAP/RANSOM INSURANCE
Coverage up to specific limits for the cost of ransom or extortion payments and related expenses. Often bought by international corporations to cover employees. Most policies have large deductibles and may exclude certain geographic areas. Some policies require that the policyholder not reveal the existence of the coverage.
Glossary terms and definitions provide a brief review of common insurance terms and definitions used in the insurance industry. Some terms and definitions may vary by state or may not be applicable for all insurance and financial products. This glossary is not an insurance contract. Other terms, conditions and exclusions may apply to your individual insurance contracts. These definitions do not alter or modify the terms of any insurance contract. Your personal insurance contracts are the controlling documents. Additionally, this informational resource is provided as a learning tool and does not replace your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions you should consult with your insurance agent, your insurance company and review the policy language of your insurance contract.
Glossary content provided by Insurance Information Institute