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Glossary of Insurance Terms
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- 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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