November 22, 2017

Life Insurance Glossary K

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Life Insurance Glossary provided by LOMA’s Glossary of Insurance and Financial Services Terms

K

Keogh plan. In the United States , a qualified individual retirement arrangement (IRA) that allows self-employed persons to deposit a portion of their income earned from self- employment into a tax-deferred savings plan. Also known as HR 10 plan. See also individual retirement arrangement (IRA).

key person. Any person or employee whose continued participation in a business is necessary to the success of the business and whose death or disability would cause the business a significant financial loss.

key-person insurance. A type of life insurance or disability insurance that protects a business from the financial losses that occur when a key person dies or becomes disabled.

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