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Kenney Ratio : Proposal by Roger Kenney an insurance journalist to maintain solvency of property and casualty insurance company where premium should not be more than twice the company's capital and surplus; method still in use by regulatory authorities for determining company claim paying capabilities while ensuring its solvency

Kick : Terminology used in energy risks refering to entry of oil, gas, water, and other fluid formation in bore well; occurs due to pressure exerted by column of drilling liquid is not sufficiently high for overcoming pressure exerted by fluids in drilledd formation; failure to kill well or control the kick can result in blowout

Kidnap-Ransom Insurance : Insurance cover available for providing payment within the specified time period in the policy demanded by the insured's kidnappers

Key Person Health Insurance : Individual or group policy designed for protecting company against loss of income due to disability of key employee; such policy is still to be made available in the country

Kill : Energy risk term referring to (i) related to drilling associated with prevention of blowout by using the appropriate preventive actions (ii) related to production stopping the well from production of oil or gas to enable reconditioning of the well

Kindred Perils : Perils of the same type; burglary, hurricane, robbery, or storm

Knock-For-Knock Agreement : Related to motor insurance agreement between two or more insurance companies to the effect that in case of collision among insured two vehicles with two separate insurers each company is to bear the loss related to the insured vehicle with them without going into the cause of which vehicle was at the mistake of causing the accident; no effective implementation of such an agreement by insurance companies due to many reasons

Knot : Ship's speed unit; a nautical mile (often calculated as 6080 feet - 1.151 statute miles or 1853 meters) per hour

Known Loss : Loss about which insured and/or insurance company is aware when the insurance is effected

Kutcha Construction : Buildings with walls and/or wooden planks, grass, bamboo, hay, plastic cloth, thatched leaves, canvas, asphalt cloth, tarpaulin etc. such constructions attract additional premium rate under the standard fire and special perils insurance policy according to the All India Fire Tariff

Kenney Rule : Concept allowing property liability insurance company to write off new net premiums for every additional cover of policy owners' surpluses

Keogh (HR 10) Account : Account related to self-employed individual making annual tax deductible contribution of less than 25% of the income or specified amount

Key-Person Insurance : Insurance cover designed for offering coverage to protect business firms against loss of income due to death or disability of key employee


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