INSURANCE DEFINITIONS

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Key Person Insurance
Insurance designed to protect a business against the loss of income resulting from the disability or death of an employee in a key position, one on whom the operation and viability of a company (or activity) depend.

Knock For Knock
An arrangement between motor insurance companies where each company pays for its own clients' claims and does not cross claim from the other company, even if the driver at fault is insured with the other company.