Insurance protecting an entity against financial loss caused by the death or disability of a ‘key’ person. The loss is the estimated cost of lost business, abandoned projects and replacement of the individual. Some lenders require keyman insurance before lending to small companies which rely on one or a few key people. Keyman insurance products include life and/or health insurances.
Insurance Encyclopedia
Keypad
A device, separate or part of the keyboard, that contains keys to control mathematical functions.
Keys clause
Theft cover clause stating the ‘cash in safe’ cover will not operate if the safe keys are left on the premises when the premises are closed for business.
KF
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating the item billed has been designated by the Federal Drug Agency (FDA) as a Class III device.
KH
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a durable medical equipment prosthestics, orthotics, and other supplies (DMEPOS) item—initial claim, purchase, or first month rental.
KI
HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating a durable medical equipment prosthestics, orthotics, and other supplies (DMEPOS) item indicating a durable medical equipment prosthestics second or third month rental.
Kickback
To offer, solicit, pay, or receive payment, bribe, or rebate for referral of Medicare or Medicaid patients, for referrals for services, for ordering diagnostic tests, or items paid for, in whole or in part, by Medicare or Medicaid. This is considered fraudulent behavior and illegal by anti-kickback statutes. See Stark I Regulations and Stark II Regulations .
Kidnap and ransom insurance
Reimburses insured for ransom paid to kidnappers and pays for professional assistance to help negotiate with the kidnappers. Cover is effected by corporations on named individuals or by ‘celebrities’. The policy is subject to a perperson or annual aggregage limit of indemnity and is subject to a substantial deductible or co-insurance clause. It is a condition of the policy that its existence is never disclosed. Banks cover ‘forced withdrawals’ from its vaults and money to secure the release of a banker or member of his family. Kidnap and ransom cover is also available at Lloyd’s for valuable bloodstock.
Kidnap-ransom insurance
A specialty coverage offered in the surplus and excess lines markets that responds to ransom demands for recovery of kidnap victims.
Kidnap-ransom insurance (Criminal)
A form of coverage that exists in only a few markets, without standard rates. This type of coverage protects a financial institution in the event that it has to pay ransom for an employee who is named in the contract.