GLOSSARY TERMS & DEFINITIONS
Not sure what an insurance word means?
Can't understand our industry's Weird & Complex LINGO?
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Below we have provided a compiled glossary/dictionary that is based on the most typical and common Insurance Terms & Definitions used in the industry. Please be advised that any Coverages and/or Benefits listed below may not be available in your state and could be subject to actual policy language. Some coverages and/or benefits might be offered at an additional cost if they are available and applicable to your specific policy.
If you need better clarification or a few examples of the definitions/benefits, please feel free to contact one of our knowledgeable independent agents at Reliable Insurance who are always eager and happy to speak to you about anything insurance related! We Hablamos Insurance!
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K
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 coverage’s existence.