OS X Mavericks: FileVault recovery key
If you encrypted your disk with FileVault disk encryption, your information is not accessible without first logging in with your password. When you turn on FileVault, it creates a recovery key which you can used to reset your login password. This provides protection against losing your data in case you forget your login password.
When FileVault disk encryption is on, you need to use the recovery key instead of your Apple ID, to reset your login password.
As a further precaution, you can store your recovery key with Apple. When you choose this option, you pick three security questions. If you forget your recovery key, you can contact Apple Support, provide the answers to these questions, and retrieve your recovery key.
If you see the message "A recovery key has been set by your company, school, or institution," the administrator for your organization has created a recovery key for this computer. If you forget your password and need to unlock your encrypted disk, ask your administrator to unlock your disk with the administrative recovery key. You can then be able to reset your password.