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Glossary of Insurance Terms
Letter 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.
