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Glossary


Kenney ratio is a rule of thumb developed by Roger Kenney that sets a 2-to-1 target ratio of gross premiums written to policyholder surplus.

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The Keogh Act plan is a part of the Self-Employed Individuals Tax Retirement Act that enables self-employed individuals to take advantage of formal retirement plans and tax advantages similar to those available for corporate pension plans, which also qualify under the Act.

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Key employee insurance is insurance whose purpose is to indemnify a business for the loss of earnings brought about by the death of a key officer or other employee.

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Key person life insurance refers to a plan to provide benefits for the company should a key employee die.

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As used in motor carrier/trucking terminology, a key stop is when a motor carrier/trucker has a key to a business's premises that allows entry when premises are closed or access is needed after normal business hours to unload arriving cargo destined for the business.

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Kidnap and ransom insurance is specialty crime coverage that insures against loss by the surrender of property as a result of a threat of harm to the named insured, an employee, or a relative or guest of the insured or the insured's employees.

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Knock-for-knock is a form of indemnity that is used in energy industry contracts.

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A known loss provision describes language commonly included in the insuring agreement of a liability policy that stipulates that the policy does not apply to losses of which the insured was aware prior to the policy period.

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The known loss rule is the principle of insurance practice that states that coverage may not be obtained against a loss that has already occurred and that is known to the person seeking to obtain the coverage.

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A Kotecki waiver affects employers' immunity to work-related injury claims. In some states, third parties held liable for a work-related injury may seek contribution from the injured worker's employer, but such contribution may be capped by the amount of applicable workers compensation benefits.

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