Keyman Insurance


 

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Keyman Insurance

Insurance through loss (through death or disability) of a "key" (important) person in a company. The liability is the estimated cost of the loss (in business lost, and replacement of the individual). Some lenders require this insurance before lending to small companies which rely on one or a few "key" people.



Keyman Insurance

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Casualty insurance

Casualty insurance

Insurance protecting a firm or homeowner against loss of property, damage, and other liabilities.


Insurance agent

Insurance agent

The insurance company representative and adviser who sells insurance policies.


Mortgage life insurance

Mortgage life insurance

A life insurance policy which pays off the outstanding balance of a mortgage in the event of the death of the insured.


Guaranteed replacement cost coverage insurance

Guaranteed replacement cost coverage insurance

A policy that covers the full cost of replacing damaged property without any allowances or deductions, e.g., depreciation.


Insurance excess

Insurance excess

Applies to an insurance claim and is simply the first part of any claim that must be covered by yourself. This can range from £50 to £1000 or higher. Increasing your excess can significantly reduce your premium. On the other hand, a waiver can sometimes be paid to eliminate any excess at all. Always check the excess in your policy.


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