Financial Jargon Buster - Q
- Qualifying Policy
- A life insurance policy which has been certified by the Inland
Revenue as complying with the 'Qualifying Policy Regulations'. Proceeds on maturity or death will
not give rise to a tax charge.
- Qualifying Service
- The period for which an employee must be employed by a company
before becoming eligible to join a group scheme. Also refers to the service to be taken into
account to entitle a member of a pension scheme to 'short service benefit'.
- Quartile
- most UK funds are grouped into specific sectors as defined by
AUTIF, with each sector being divided into four quarters or quartiles. The midway point is known as
the median; all funds want to see their performance stay above the median but the real
target is to be consistently in the top quartile (i.e. the top 25% of all funds in that
particular sector). To use a soccer analogy, The top quartile is like being in the premiership and
is the place to be.
- Quotation
- The illustration provided to show the costs of insurance cover.
The quotation document forms the basis of a new contract or the renewal of an existing one. It
contains details of the conditions, benefits, caveats and premiums for the policy.
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