The moratorium, or qualification period, is the time agreed from when the policy is taken out until the full lump sum of the insurance will be paid.
Effectively, this means that you will need to survive for an agreed amount of time, normally between one and two years, before your life insurance will be paid out.
If you die within this period, the policy lump sum will not be paid out. However, any premium payments made will be refunded.
This period varies between providers so always check the fine print.