Cash in safe Insurance is subject to this clause which stipulates that the loss of cash abstracted from the safe with the use of original or any duplicate key is not covered, unless such key is obtained by violence or threats of violence or through means of force.
Insurance Encyclopedia
Key components
Elements of documentation describing the amount of work performed that are used to determine code choice for many evaluation and management services (history, physical examination, and medical decision making). Two or three of these components must be verified (met or exceeded) by the documentation in the patient’s medical record depending on the level of service (CPT code) by the provider.
Key employee
In retirement plans, an employee who makes a large salary and meets any one of four conditions that relates to compensation and company ownership. These criteria are stated in legislation for qualified pension plans and 401(k) tax regulations. Also see Tax Reform Act of 1986 .
Key employee insurance
Life insurance written on the life of an organization’s officers or other key employees, the loss of whom would cause the organization financial hardship.
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(01) Insurance on the life or health of a key employee, the loss of whose services would cause an employer financial loss. The policy is owned by and payable to the employer. (02) In Health insurance the term is also used to designate Salary continuation insurance or a medical benefit plan payable to the key employee himself, with the employer paying all or part of the premium
Key employee insurance (Health Insurance/Life Insurance)
In health insurance, a policy that offers salary continuation or medical care to a key employee. The premiums for this plan are paid in part or totally by the employer. In life insurance, a policy payable to the employer that covers the life of a key employee whose death would cause the employer a financial hardship.
Key features document
Document that the FSA requires should be given to any person considering the purchase of a life insurance policy or joining a pension scheme before they make their decision. The document is presented in such a way that the consumer will be assisted in making comparisons with the different providers’ offerings for the type of investment concerned.
Key groups
See: anchor group .
Key man insurance
Life insurance owned by a business entity on the life of a key individual that will, in the event of his or her death, offset a loss in earnings and provide the funds necessary to find, hire, and develop a replacement. It is designed to offset losses resulting from the death of a key person, such as reduced sales, interruption of a vital research project, flow of production, or an impaired credit standing.
Key person
An officer, employee or other person is a firm who possesses skills, knowledge or other qualities difficult to replace.
Key Person for Loss
The loss a business may suffer because of death disability of a employee with special skills, knowledge or other qualities difficult to replace.