Keogh plan: Under tax law, a retirement plan available to self-employed people. Also referred to as H.R. 10 plans. As with all qualified retirement plans, there are very specific contribution and filing rules that change on a regular basis. Contributions to a Keogh are tax-deductible. The name "Keogh" derives from the man who sponsered the legislation.
key man (person) insurance: A life insurance policy that covers the life of a key employee of the company. It is payable to the company upon the death of the named employee. Losing a key employee can be costly to some companies in terms of training replacement personnel and in terms of customer and creditor confidence. The life insurance proceeds will help offset lost time, lost sales, and possibly lost lines of credit.
kiting: An unauthorized system of borrowing money by taking advantage of the float (the time it takes a check to clear the bank). Checks are drawn on a bank account that has insufficient funds. This account is then covered by a check on a second bank account that also has insufficient funds. By using several banks, the scheme can go on for some time before being detected.
|
