New York Life

Glossary

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Keogh (HR 10) Plan
A type of qualified retirement account for self-employed men and women. First established in 1962 to provide self-employeds with tax-deferred retirement plans, Keogh Plans are now one of several small business retirement plan options. (See also "SIMPLE Plans" and "SEP Plans.")

Key Executive/Person Insurance
Life insurance purchased by a business on a valuable employee (or owner-employee) to indemnify the business against the potential financial loss that would result in the event of that individual's death.

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