Qualification Period: A period during which an insured must be totally disabled before becoming eligible for 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. These plans receive tax advantages.
Qualifying Event: An occurrence (death, termination of employment, divorce, etc.) that triggers the insureds protection under COBRA.
Assets that can be converted into cash quickly.