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The Insurance Glossary is divided alphabetically in a quick reference guide to
better assist consumers that need to find and understand terms commonly used by insurance companies.
Policy documents contain a number of these terms because they typically define
the limitations of risk and liability for the insurance coverage issued.
If you plan to start a new policy or renew your current policy with a different
carrier or agency, it is important to review and understand the differences
behind individual policy quotes from multiple carriers. Lower policy
premiums may be the result of decreased benefits, higher deductibles, or maximum
damages allowed. It is important to identify these unique features in any
policy comparison, otherwise a lower price may come at a much higher cost when
you have to file a claim in the future.
Select the first letter of the word or term to locate a definition and brief description.
For example, to get help with the terms "Property
Damage Coverage" or "Premium", select either the letter ( A
) or ( P ) from the
menubar below:
Insurance Terms: Glossary Page 'q'
Qualification Period:
The period during which the insured must be totally disabled before becoming eligible for residual disability benefits.
Qualified Impairment Insurance:
A form of substandard or special class insurance, which restricts benefits for the insured person's particular condition.
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.
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.
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