Life Insurance and Life Settlement Terms - K
Key Person Insurance
Insurance on the life or health of a key individual whose services are necessary to the continuing victory of a business and whose death or disability could cause the firm a substantial financial loss.
Kidnap/Ransom Insurance
Coverage up to certain limits for the cost of ransom or extortion payments and related expenses.
Key-Person Term Life Insurance
Term life insurance bought by a business on the life of a person (generally an employee) whose continued participation in the business is essential to the firm’s success and whose death or disability would cause financial loss to the company.
