Term Life Insurance Glossary
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.
LOMA's Glossary appears on this Web site by special permission of LOMA. However, LOMA makes no representation or endorsement, express or implied, regarding AccuQuote or its products or services.
LOMA's Glossary of Insurance Terms (c) 1997 LOMA (Life Office Management Association, Inc.). Used with permission from the publisher. All rights reserved. Copying or downloading this information without permission from the publisher is a violation of federal and international law. For information on purchasing a copy of the Glossary or for additional information on LOMA and its educational programs, visit LOMA's Web site at www.loma.org.
