1. Measure of the best possible energy that endows a person with the power to cope successfully with the full range of challenges faced in the real world such as personal security, degree of independence, and self-sufficient decision-making. 2. Individual’s expressed satisfaction with the current life situation.
Insurance Encyclopedia
quality review organization (QRO)
Group of practicing physicians and other health care practitioners who are under contract to the federal government to review medical care given to Medicare patients enrolled as members in managed care plans (e.g., health maintenance organizations [HMOs] and competitive medical plans [CMPs]).
Quantitative
Measuring the presence or absence and amount of.
Quantitative analysis
Referring to a test that determines the amount or percentage of an agent that is present within the body.
Quantity discount (Life Insurance)
A discount given to an individual or corporation upon purchasing a policy with a high face value.
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.