There are other measures, such as a prefix or suffix ("PIN") that you can supply, so the physical key doesn't have the entire password. Otherwise, you're right.

There are other measures, such as a prefix or suffix ("PIN") that you can supply, so the physical key doesn't have the entire password. Otherwise, you're right. It's also useful to be able to leave the physical key at home, or with another party. ... and if you hand it to your attorney, does that count as privileged communication?