Glossary

Quick assets are highly liquid assets, consisting of cash, marketable securities, and net receivables.

Quid pro quo is Latin for "this for that." Quid pro quo pertains to the exchange of values by both parties to form a valid contract. In workers compensation insurance, employees trade their right to sue their employers in exchange for no-fault benefits. This is considered the quid pro quo in workers compensation.

Quid pro quo sexual harassment includes unwelcome sexual advances or requests for sexual favors when (1) submission to such conduct is made a condition of employment, and (2) submission to or rejection of such conduct is used as a basis for employment decisions affecting the individual who is receiving such advances or requests. Claims alleging quid pro quo sexual harassment are afforded coverage under employment practices liability (EPL) policies.

Quota share reinsurance is a form of reinsurance in which the ceding insurer cedes an agreed-on percentage of every risk it insures that falls within a class or classes of business subject to a reinsurance treaty.

A quote in an insurance context is an insurer's estimate of the premium and key terms that would apply to a proposed insurance policy based on information provided by the applicant, agent, or broker. Prior to purchasing an insurance policy, the quote is used to compare coverage options, limits, deductibles, and pricing. While generally not a binding offer of coverage, the final premium or terms may change after underwriting verifies the risk information, confirms eligibility, and issues a binder or policy.