| |
|
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. |
|
A coverage that protects
businesses engaged in electronic commerce from losses
caused by hackers.
|
|
A percentage or dollar amount
added to a homeowner’s insurance policy to limit an
insurer’s exposure to loss from a hurricane. Higher
deductibles are instituted in higher risk areas, such as
coastal regions. Specific details, such as the intensity
of the storm for the deductible to be triggered and the
extent of the high risk area, vary from insurer to
insurer and state to state. |
|