Glossary on General Insurance Terms starting with Q

Q

QUALIFIED NURSE : Related to medical insurance means an individual holding a certificate from recognized nursing council and employed on the recommendation of attending medical practitioner

QUARANTINE RESTRICTIONS : According to carriage of goods by sea act, carrier does not have the responsibility for loss of cargo arising from vessel carrying cargo that is subjected to certain imposed restrictions by health authorities in the countries involved; however, cargo insurance provider considers it as a delay beyond the control of insured and pays the claims for damage or loss to cargo when it is due to an insured peril

QUARRELS AND ARBITRATION : Arbitration clause provides the mechanism that must be followed for settlement of any disputes, quarrels etc. that may arise in reinsurance contracts

QUID PRO QUO : Insurance company selling policy to some person for consideration of premium paid by the insured

QUOTA SHARE CUM SURPLUS TREATY : Proportional treaty arrangement mechanism combining quota share and surplus treaties; as an example risk can be ceded on quota share basis of 50:50 between reinsured retained and quota share insurer; reinsurer can be protected further by surplus treaty after fixing retention line of reinsured

QUOTA SHARE POOLS : Market pools arranged on the quota share principle where the participating companies provide quota share cessions and thereafter share the complete business as per their participation percent

QUOTA SHARE TREATY : An agreement where the ceding company is bound to cede and the reinsurance company must accept a fixed percent of each risk accepted by ceding company

QUALIFICATION PERIOD : Period during when the insured should totally be disabled prior to being eligible for residual disability benefits

QUALIFIED IMPAIRMENT INSURANCE : Kind of substandard or special class insurance that restricts benefits for insured individual's particular condition

QUALIFIED PLAN : Plan that the IRS approves as meeting the requirements of Section 401 (a) of the 1954 Internal Revenue Code; these plans have certain tax advantages

QUALIFIED TERMINABLE INTEREST PROPERTY : Category of property created by the Economic Recovery Tax Act that under dead spouse's will entitles surviving spouse to receive all the income on the said property for life and the income should be payable at least once in a year and precludes any person including spouse from appointing property to any other individual during spouse's lifetime