Kart owners policy
A special liability coverage for karts that are designed for and used in racing. Covers bodily injury and property damage legal liability arising from ownership, maintenance or use of the kart including racing, but only on private property.
A "no-fault" plan for compensating automobile accident victims for their loss of wages and medical expenses, etc., without the usual legal proof of negligence. Devised by Professors Robert E. Keeton and Jeffrey O'Connell.
(See no-fault automobile insurance.)
A guide or rule-of-thumb for insurers to use in preventing insolvency which suggests that property and liability insurers should not write insurance premiums equal to more than twice their capital and surplus. This guide was developed or proposed by Roger Kenney, hence the name.
A retirement plan for self-employed persons. Considered for tax purposes to be a qualified plan. The plan has either defined benefit or defined contribution options. A plan participant may contribute up to 20% of the net self-employment income in any one annual period, subject to a stated cap depending on which plan option has been selected.
Key employee insurance
Insurance an employer buys on a key person within the organization to protect that employer from the financial impact that could result should that employee become ill, disabled, or die. This insurance may be life, health, or disability. Normally, the employee covered has special skills, training, management, or significant attributes that would cause the organization loss of income should that employee become unavailable and a replacement need to be hired or trained.
A specialty policy designed to cover the cost of ransom and related expenses, due to a person being kidnapped. Some policies may also provide varying limits of life and medical insurance coverage. Various territorial restrictions typically apply.
Knock for Knock Agreement
A long-term, intra-insurance company contract where each carrier agrees to handle their own insured's loss should accidents occur between their respective customers. Such arrangements allow companies to save on legal and administrative costs.