Definition and meaning of Q Schedule :

"Q" Schedule: A schedule of the business expenses of a Life insurer required by the New York State Code to be filed to determine compliance with the state's limitation on total expenses. This limitation has the effect of setting a ceiling on commissions. (LI)

(Source: InsWeb)

Also see these pages: Q Schedule , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - Q

Definition and meaning of Quota Share Insurance :

Quota Share Insurance: Property Insurance which shares according to some percentage, or quota, with other policies covering the same risk. (PR)

(Source: InsWeb)

Also see these pages: Quota Share Insurance , Property Insurance, Property Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - Q

Definition and meaning of Qualified Impairment Insurance :

Qualified Impairment Insurance: A form of substandard or special class insurance, which restricts benefits for the insured person's particular condition.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of qualified impairment insurance :

qualified impairment insurance: A form of substandard or special class insurance that restricts benefits for an insured person's particular condition.

(Source: Bank of America )

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Definition and meaning of Quantity Discount :

Quantity Discount: A premium discount given for the purchase of a policy with a larger face amount. See also Policy Fee. (LI)

(Source: InsWeb)

Also see these pages: Quantity Discount , Life Insurance, Life Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - Q

Definition and meaning of Qualification Period :

Qualification Period: The period during which the insured must be totally disabled before becoming eligible for residual disability benefits.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Qualified Plan :

Qualified Plan: A plan which the Internal Revenue Service approves as meeting the requirements of Section 401(a) of the 1954 Internal Revenue Code. Such plans receive tax advantages.

(Source: The Haskayne School of Business at the University of Calgary )

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Definition and meaning of Quote :

Quote:  a price estimate given to the potential consumer as he/she decides to  which company a formal application will be submitted.   Company may be legally bound to honor this quote in some jurisdictions and/or lines of business.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Quote , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - Q

Definition and meaning of Quality Assurance :

Quality Assurance:  Activities involving a review of quality of services and the taking of any corrective actions to remove any deficiencies. (H)

(Source: InsWeb)

Also see these pages: Quality Assurance , Health Insurance, Health Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - Q

Definition and meaning of Qualifying Event :

Qualifying Event:  An occurrence (such as death, termination of employment, divorce, etc.) that triggers an insured's protection under COBRA, which requires continuation of benefits under a group insurance plan for former employees and their families who would otherwise lose health care coverage. (H)

(Source: InsWeb)

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Definition and meaning of Quarantine Benefit :

Quarantine Benefit:  A benefit paid for loss of time resulting from the quarantining of an insured by health authorities. (H)

(Source: InsWeb)

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Definition and meaning of Quarantine Indemnity :

Quarantine Indemnity:  ee Quarantine Benefit. (H)

(Source: InsWeb)

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Definition and meaning of qualified annuity :

qualified annuity: An annuity that is sold as part of a tax-qualified Keogh plan or company pension plan.

(Source: Bank of America )

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Definition and meaning of quota share reinsurance :

quota share reinsurance: Reinsurance wherein the insurer ceded an agreed fixed percentage of liabilities, premiums, and losses for each policy covered on a pro rata basis.

(Source: Bank of America )

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Definition and meaning of QUALIFIED ANNUITY :

QUALIFIED ANNUITY: A form of annuity purchased with pretax dollars as part of a retirement plan that benefits from special tax treatment, such as a 401(k) plan.

(Source: Insurance Information Institute )

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Definition and meaning of Quantum :

Latin for amount. Where an insured or reassured makes a claim it must first be established whether the insurer or reinsurer is legally liable to pay the claim (i.e. it must be shown the relevant loss is covered under the insurance or reinsurance). If the insurer or reinsurer is liable to pay the claim it must then be established how much is the insurer must pay. For example, there may be deductions for an excess, under insurance or depreciation.

(Source Lloyd's )

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Definition and meaning of Quota share treaty :

A reinsurance treaty which provides that the reassured shall cede to the reinsurer a specified percentage of all the premiums that it receives in respect of a given section or all of its underwriting account for a given period in return for which the reinsurer is obliged to pay the same percentage of any claims and specified expenses arising on the reinsured account.

(Source Lloyd's )

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Definition and meaning of Quotation :

A statement of the premium that an underwriter requires to underwrite an insurance/ reinsurance risk based on the information supplied by the person seeking cover, either directly or via their broker. A quotation may be conditional, e.g. it may be subject to the provision of further information, or not.

 If a quotation is accepted before it is withdrawn, then subject to the satisfaction of any conditions that may attach to the quotation, an insurance/reinsurance contract will be made. Compare indication.

(Source Lloyd's )

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Definition and meaning of Qualified terminable interest property :

Qualified terminable interest property: A category of property, created by the Economic Recovery Tax Act, which by a deceased spouse's will entitles the surviving spouse to all income from the property for life, with that income payable at least annually, and precludes anyone including the spouse from appointing the property to anyone else during the spouse's life.

(Source: The Haskayne School of Business at the University of Calgary )

Also see these pages: Qualified terminable interest property , Insurance Business, Insurance Business Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - Q

Definition and meaning of Qualified Medicare Beneficiary, QMB :

Qualified Medicare Beneficiary (QMB):  This is a person whose income is below the federal poverty guidelines. In these cases, the state is required to pay the Medicare Part B premiums, plus any deductibles or copayments. (H)

(Source: InsWeb)

Also see these pages: Qualified Medicare Beneficiary, QMB , Health Insurance, Health Insurance Sitemap,  Insurance, Insurance Sitemap, Insurance Dictionary - Q