A discount given to an individual or corporation upon purchasing a policy with a high face value.
Insurance Encyclopedia
quantity limits (QL)
Phrase related to prescription drug insurance plans indicating restriction of the amount of medication for which the Medicare beneficiary can obtain benefits during a specific period of time (most often set on a monthly basis).
Quantum
Latin for amount. Where an insured or reassured makes a claim it must first be established whether the insurer or reinsurer is legally liable to pay the claim (i.e. it must be shown the relevant loss is covered under the insurance or reinsurance). If the insurer or reinsurer is liable to pay the claim it must then be established how much is the insurer must pay. For example, there may be deductions for an excess, under insurance or depreciation.
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REINSURANCE: Latin for amount. Where an insured or reassured makes a claim it must first be established whether the insurer or reinsurer is legally liable to pay the claim (i.e. it must be shown the relevant loss is covered under the insurance or reinsurance). If the insurer or reinsurer is liable to pay the claim it must then be established how much is the insurer must pay. For example, there may be deductions for an excess, under insurance or depreciation.
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Latin for amount. Where an insured or reassured makes a claim it must first be established whether the insurer or reinsurer is legally liable to pay the claim (ie it must be shown the relevant loss is covered under the insurance or reinsurance). If the insurer or reinsurer is liable to pay the claim it must then be established how much is the insurer must pay. For example, there may be deductions for an excess, under insurance or depreciation.
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UK The monetary amount payable in damages or to an insured under an indemnity contract.
Quantum Meruit
A much as he has earned. When a contact comes to a premature end a person who has performed services under it may be entitled to a payment for what he has done (quantum meruit ) even though his performance under the contract has not been completed.
Quantum of interest
Occurs when two parties have a simultaneous insurable interest in the same subject-matter. The buyer of cargo may insure the cargo, but the seller may also insure his contingent interest to guard against default by the buyer. Dual but not identical insurable interest also arises with mortgagors (full interest) and mortgagees (interest to the extent of the loan).
Quarantine benefit (Health Insurance)
A benefit paid out upon quarantine enforced by health authority. The benefit compensates for the amount of time lost.
Quarter days
Four days in the year once linked to the renewal of annual policies and other transactions. Fire and accident insurers extended the first period of annual insurances to the nearest quarter day. In England and Ireland – Ladyday (25 March); Midsummer (24 June); Michaelmas (29 September); Christmas (25 December). In Scotland: Candlemas (2 February); Whitsun (15 May); Lammas (1 August); Martinmas (11 November).
quarters of coverage (QC)
See: credits, Social Security .
Quasi Contract
A legal doctrine for situations in which there is no specifically drawn contract. It prevents unjust enrichment or injustice by treating the situation as if a contract actually had been in effect.
Quasi-contract (Legal Terminology)
A legal concept used in situations where an actual written contract does not exist. The concept holds that the sitation must be decided as though a contract did exist.