Insurance Glossary K

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Keogh Account (HR 10) An account to which a self-employed person can make annual tax deductible contribution.

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.

Kenney Ratio Proposal by Roger Kenney, an insurance journalist, that in order to maintain the solvency of a property and casualty insurance company, insurance premiums written should not exceed more than twice the company's surplus and capital. This historical measure is used by regulators to determine a property and casualty company's capacity to make claim payments while maintaining its solvency.

Kidnap Insurance Coverage in the event an employee is kidnapped from an insured business's premises and forced to return to aid a criminal in a theft.

Knock-For-Knock Agreement Arrangement between two or more insurance companies under which the parties to the agreement waive their Subrogation rights against the other. Most such agreements are no longer in use. See also Intercompany Arbitration.