Insurance designed to protect a business institution against the loss of income resulting from the death or disability of a key employee.
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A policy that protects a firm from loss caused by the death or disability of a ‘key person’ within the company.
Insurance Encyclopedia
Key person 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 employee. 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 Person Loss
Loss of the service of a key person through death, disabling injury, disease or resignation which may result into major financial problems for the firm losing its key person.
Key Person, Indian Insurance Company
IRDA defined “key persons” include the chief executive officer, chief marketing officer, appointed actuary, chief investment officer, chief of internal audit, chief finance officer, chief risk officer and chief compliance officer of insurance companies.
Key Replacement Riders for Motor Insurance
Cost of replacement of locks and keys, if the vehicle is broken into or cost of replacement of lost/stolen keys. The sum insured ranges differently from insurer to insurer and usually the per occurrence limit is 50% of the sum insured. Own Damage claim is not a condition precedent for this cover.
Key-person health insurance
A policy which provides reimbursement to a business against the work time lost by a key employee who is disabled.
Key-person insurance
Type of life insurance created to protect a company against the loss of income resulting from the disability or death of an employee who is in a vital business position for the firm’s success.
Keyman insurance
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.
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.