Glossary of Insurance Related Terms

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)

Quadruple Indemnity

A multiple indemnity form similar to double indemnity and triple indemnity. The number of deaths in a group of people, usually expressed as deaths per thousand. It can be the rate for the total population, called the crude mortality rate, or it can be refined by factors such as age groupings or causes of deaths. Same as Death Rate

Qualified plan

In the United States, a pension plan or employee-benefit plan that meets a series of federal government requirements and is therefore eligible for certain tax advantages.

Quantity Discount

A premium discount given for the purchase of a policy with a larger face amount.