Qui tam action

Action to recover a penalty, brought by an informer in a situation in which one portion of the recovery goes to the informer and the other portion to the state or government. Also see qui tam provision and whistleblower .

Qui tam provision

Federal statute of the False Claims Act that allows any person having knowledge of a false claim against the government to bring an action against the suspected wrongdoer on behalf of the U.S. government. A person who files a qui tam suit on behalf of the government is known as a “relator” and may share a percentage of the recovery realized from a successful action. Also referred to as “whistleblower.” Also see whistleblower .

Quick Assets

Assets that are quickly convertible into cash.
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Assets that can be quickly and easily converted into cash.
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Highly liquid assets, consisting of cash, marketable securities, and net receivables.

Quick Liquidity Ratio

Quick assets divided by net liabilities plus ceded reinsurance balances payable. Quick assets are defined as the sum of cash, unaffiliated short-term investments, unaffiliated bonds maturing within one year, government bonds maturing within five years and 80% of the unaffiliated common stocks. These assets can be quickly converted into cash in the case of an emergency.

Quid Pro Quo

“This for that.” Used in Employee’s compensation to describe the rights and responsibilities exchanged between employers and employees.
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A general legal term which, translated from the Latin, means “one thing for another.” When used in an insurance contract, it can refer to the items of value that must be traded for the contract to be valid.

Quinquennial military service determination and adjustments

Estimates made once every 5 years of the costs arising from the granting of deemed wage credits for military service before 1957; annual reimbursements were made from the general fund of the U.S. Treasury to the health insurance (HI) trust fund for these costs. The Social Security Amendments of 1983 provided for (1) a lump-sum transfer in 1983 for (a) the costs arising from the pre-1957 wage credits and (b) amounts equivalent to the HI taxes that would have been paid on the deemed wage credits for military service for 1966 through 1983, inclusive, if such credits had been counted as covered earnings; (2) quinquennial adjustments to the pre-1957 portion of the 1983 lump-sum transfer; (3) general fund transfers equivalent to HI taxes on military deemed wage credits for 1984 and later, to be credited to the fund on July 1 of each year; and (4) adjustments as deemed necessary to any previously transferred amounts representing HI taxes on military deemed wage credits.