INSURANCE DEFINITIONS

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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'.

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.