Qualification Period: The period during which
the insured must be totally disabled before becoming eligible
for residual disability benefits.
Qualified Impairment Insurance: A form of substandard
or special class insurance, which restricts benefits for the
insured person's particular condition.
Qualified Plan: A plan which the Internal Revenue Service
approves as meeting the requirements of Section 401(a) of
the 1954 Internal Revenue Code. Such plans receive tax advantages.
Qualified terminable interest property: A category
of property, created by the Economic Recovery Tax Act, which
by a deceased spouse's will entitles the surviving spouse
to all income from the property for life, with that income
payable at least annually, and precludes anyone including
the spouse from appointing the property to anyone else during
the spouse's life.
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