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Glossary of terms used in insurance - Q

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Glossary of Insurance Terms - Q

Glossary of terms used in insurance - Q

  1. Qualifying Event: This refers to an event which brings a member of a group insurance plan under benefits provided by COBRA. These may be termination of a job, divorce or death.
  2. Quote: A rough idea of prices and benefits given to a potential buyer of a plan. In some businesses, the company might be legally bound to honor these terms.
  3. Qualified High Deductible Health Plan: This refers to a health plan which has lesser premiums but a higher out of the pocket amount that has to be paid before the insurance kicks in. In order to qualify as a health savings account, the deductible has to be at least $1000 per person or $2000 per family. They are also known as catastrophic plans. This condition is stipulated by the Internal Revenue Code.
  4. Qualified And Non Qualified Policies: These are the employee benefits plans meeting the standards of the Internal Revenue Service. The standards are provided under code section 401a. Once the plan is approved, the amounts paid become tax deductible costs.
  5. Quick Assets: These are assets which can be converted to cash very quickly.
  6. Quick Liquidity Ratio: This is the amount calculated after dividing net assets by net liabilities and adding ceded reinsurance amounts payable. It is referred to as the sum total of short term investments, cash, bonds (both govt. and non govt.) and 80% of common stocks. These can be converted to cash very easily during emergencies.
  7. Qualified Annuity: This is a type of annuity that is bought with pretax dollars and is a part of retirement plans. These get special tax treatments as in 401(k) plan.


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