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*Terms marked with an asterisk are from LOMA’s Glossary of Insurance and Financial Services Terms. Copyright © 2002
LOMA (Life Office Management Association, Inc.). Used with
permission from LOMA. Click here
for more information
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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 coverage's existence.
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