GLOSSARY 
*Terms marked with an asterisk are from LOMA’s Glossary of Insurance and Financial Services Terms. Copyright © 2002 LOMA (Life Office Management Association, Inc.). Used with permission from LOMA. Click here for more information.
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    KEY PERSON INSURANCE
    Insurance on the life or health of a key individual whose services are essential to the continuing success of a business and whose death or disability could cause the firm a substantial financial loss.
     
    KIDNAP/RANSOM INSURANCE
    Coverage up to specific limits for the cost of ransom or extortion payments and related expenses. Often bought by international corporations to cover employees. Most policies have large deductibles and may exclude certain geographic areas. Some policies require that the policyholder not reveal the existence of the coverage.