LOMA Glossary

The LOMA Glossary of Insurance and Financial Services Terms

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Keogh plan. In the United States, a qualified individual retirement arrangement (IRA) that allows self-employed persons or small businesses to deposit a portion of their income earned from self- employment into a tax-deferred savings plan. Also known as HR 10 plan. See also individual retirement arrangement (IRA).

key employee life insurance. See key person insurance.

key person. For insurance purposes, any person or employee whose continued participation in a business is vital to the success of the business and whose death or disability would cause the business to incur a significant financial loss.

key person disability coverage. See key person insurance.

key person insurance. Individual life insurance or disability insurance that a business purchases on the life of a key person with the benefits typically payable to the business. See also key person.

key person life insurance. See key person insurance.

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