Some of the above is partially correct.
Triple Qualified = Scholastically, Medically, and Physically Qualified.
Fully Qualified = Triple Qualified + Nomination (at least one)
The Admissions Board ONLY determines the Scholastic Qualification. Scholastic encompasses the Whole Person Concept/Assessment -- from academics, sports, ECAs, etc. While there is a Whole Person Multiple, this is an entering argument into the determination of scholastic qualification. Ultimately, the Admissions Board, as a whole, determines whether the candidate is qualified irregardless of the WPM calculation (therefore, it is subjective). There isn't a checklist, that if a candidate does X,Y, and Z, they are found to be scholastically qualified, it is simply the Admission Board's "feel" of the candidate. The WPM calculation becomes more of a factor when offering appointments (which is the follow on process for candidates who are fully qualified).
Medical Qualification is done by DODMERB and the Service Academy, using the Department of Defense and Department of the Navy medical standards. If a candidate meets all the standards, they are qualified. If they do not meet all the standards, then they are not qualified and in some circumstances, waiverable. Candidates MIGHT be considered for a waiver depending on how competitive they are (this is not normally known to a candidate unless the waiver process is initiated). The ultimate decision to grant a medical waiver is determined by the Superintendent with the advice and recommendations of the medical officer and Bureau of Navy Medicine. Basically, it comes down to a risk decision that the Superintendent makes.
Physical Qualification is determined by the CFA. If the candidate passes, they are qualified. Consequently, if they fail, they are not qualified. Candidates may attempt the CFA multiple times to better their score, whether qualified or not qualified, until the application window closes (Jan 31, this year). The minimum scores to "pass" are not published, but, generally most candidates have a good idea on whether they passed or not and can ask their BGO or Admissions about their physical qualification status. Candidates in decent physical shape normally have no issues passing/qualifying.
The Scholastic Qualification is normally the one "unknown" in the process. The Medical Qualification can sometimes be difficult for candidates who have had injuries/illnesses currently or in the past. The Physical Qualification, of all three, is the most straightforward, even though the minimum scores for each element aren't published.