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The Insurance Glossary is divided alphabetically in a quick reference guide to
better assist consumers that need to find and understand terms commonly used by insurance companies.
Policy documents contain a number of these terms because they typically define
the limitations of risk and liability for the insurance coverage issued.
If you plan to start a new policy or renew your current policy with a different
carrier or agency, it is important to review and understand the differences
behind individual policy quotes from multiple carriers. Lower policy
premiums may be the result of decreased benefits, higher deductibles, or maximum
damages allowed. It is important to identify these unique features in any
policy comparison, otherwise a lower price may come at a much higher cost when
you have to file a claim in the future.
Select the first letter of the word or term to locate a definition and brief description.
For example, to get help with the terms "Property
Damage Coverage" or "Premium", select either the letter ( A
) or ( P ) from the
menubar below:
Insurance Terms: Glossary Page 'k'
Kenney Rule:
Concept permitting a property/casualty insurer to write $2 of new net premiums for each $1 of policyholders surplus.
Keogh (HR 10) Account:
An account to which a self-employed person can make annual tax deductible contributions and which may be withdrawn without penalty after the age of 59 1/2. Income generated in the account accumulates tax-deferred.
Key-Person Insurance:
Insurance designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.
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