Dictionary of Financial Terms -
- 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
- 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'.
- 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.
- 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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