Keogh plan

In the United States, a qualified individual retirement arrangement (IRA) that allows self-employed persons 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 person

Any person or employee whose continued participation in a business is necessary to the success of the business and whose death or disability would cause the business a significant financial loss.

key-person insurance

A type of life insurance or disability insurance that protects a business from the financial losses that occur when a key person dies or becomes disabled.

LOMA's Glossary of Insurance and Financial Services Terms Copyright © 2002 LOMA (Life Office Management Association, Inc.). Used with permission from the publisher. All right reserved. Copying or downloading this information without permission from the publisher is a violation of federal and international law. For information on purchasing a copy of the Glossary or for additional information on LOMA and its educational programs, visit LOMA's Web site at www.loma.org. LOMA is a registered service mark of the Life Office Management Association, Inc.