Insurance and risk management terminology · MLC-0106
Insurance and risk management terms: V (50)
- Vacancy permit endorsementAn addition to a property insurance policy that extends coverage to a building that would otherwise be...
- Vacancy provisionA clause in a property insurance policy that reduces or eliminates coverage for losses occurring when a...
- VacantDescribing a property that lacks both occupants and personal property, indicating a complete absence of human...
- Vacation liabilityThe legal responsibility for injuries or damages that occur to third parties during a vacation or while...
- Valuable papers and records coverage (VP)Insurance protection for the cost of replacing or restoring lost, damaged, or destroyed valuable papers and...
- ValuationThe process of determining the monetary worth of an asset, liability, or business interest for insurance...
- Valuation dateThe specific point in time at which the value of an asset, liability, or entire portfolio is determined for...
- Value of risk (VOR)A quantitative measure representing the potential financial impact of an identified risk event on an...
- Value-added servicesAdditional benefits or features offered by an insurer or broker beyond the basic insurance policy, designed...
- Value-at-risk (VAR)A statistical measure used to quantify the potential financial loss of a portfolio or firm over a specific...
- Value-based careA healthcare delivery model where providers are reimbursed based on patient health outcomes, quality of care...
- Valued business interruption coverageA form of business income insurance that pays a predetermined, fixed amount for each day of interruption...
- Valued coverageAn insurance policy where the insurer and the policyholder agree on the value of the insured property at the...
- Valued policyAn insurance policy where the insurer and insured agree on the value of the insured property at the time the...
- ValuesThe assets or items that are subject to potential loss or damage and are therefore considered for insurance...
- Vanishing premiumA marketing concept for certain permanent life insurance policies where policy illustrations suggest that...
- Variable annuityA contract between an individual and an insurance company that provides for future payments, where the value...
- Variable interest entity (VIE)A legal entity that lacks sufficient equity investment at risk to finance its activities without additional...
- Variable premium life insuranceA type of life insurance policy where the insurer can adjust the premium payments based on factors such as...
- Variance1. A grant of relief by a participating community from the terms of its floodplain management regulations.
- Vehicle identification number (VIN)A unique 17-character alphanumeric code assigned to every motor vehicle by its manufacturer, serving as its...
- Vendors coverageAn extension of a manufacturer's or distributor's product liability insurance policy that protects retailers...
- Vendors dual interest coverageAn insurance provision that protects both a vendor and a purchaser against loss or damage to goods during...
- Vendors endorsementAn addition to a product liability insurance policy that extends coverage to a vendor selling the insured's...
- Vendors single interest coverage (VSI)Insurance that protects a lender or vendor against physical damage to collateralized property, such as...
- Venturi scrubbersAir pollution control devices that use a liquid to remove particulate matter and certain gaseous pollutants...
- VenueThe specific geographic location, such as a particular county or judicial district, where a lawsuit must be...
- Verbal thresholdA legal standard used in some no-fault automobile insurance systems that requires an injured party to meet...
- VerminSmall animals or insects that are destructive, annoying, or disease-carrying, such as rats, mice, termites...
- Vertical exhaustion ruleA legal principle, applied in some jurisdictions, that dictates how multiple layers of insurance policies...
- Vessel in navigationA watercraft that is afloat, capable of being moved, and engaged in commerce or transportation on navigable...
- VestingThe process by which an employee gains non-forfeitable rights to employer contributions in a retirement plan...
- Vexatious litigantAn individual who repeatedly files lawsuits or legal actions without reasonable grounds, primarily to harass...
- Viatical settlementThe sale of a life insurance policy by a terminally ill policyholder to a third party for a cash payment less...
- Vicarious liabilityA legal doctrine where one party is held responsible for the wrongful acts of another, even without direct...
- Video Privacy Protection Act of 1988 (VPPA)A United States federal law that prohibits video tape service providers from knowingly disclosing personally...
- ViolationThe failure of a structure or other development to be fully compliant with the community's floodplain...
- Vis majorAn irresistible natural force or act of God that is beyond human control and cannot be prevented by...
- Vocational rehabilitationA set of services provided to an injured employee who is unable to return to their former job due to a...
- VoidDescribing a contract or insurance policy that is invalid and unenforceable from its inception, as if it...
- VoidableDescribing a contract or insurance policy that is initially valid but can be annulled or rejected by one of...
- Voluntary compensation endorsementAn addition to a workers' compensation policy that extends coverage to employees who are not legally subject...
- Voluntary compensation maritime coverage endorsementAn addition to a workers' compensation policy that provides benefits for maritime employees who are not...
- Voluntary Employees Beneficiary Association (VEBA)A tax-exempt trust established by employers to provide certain welfare benefits to employees and their...
- Voluntary marketThe segment of the insurance industry where insurers freely choose which risks to underwrite and at what...
- Voluntary protection program (VPP)A program administered by the Occupational Safety and Health Administration (OSHA) that recognizes employers...
- Voluntary reserveAn amount of money set aside by an insurer from its surplus funds, beyond what is legally required, to cover...
- Volunteer Protection Act of 1997A United States federal law that provides immunity from liability for volunteers of non-profit organizations...
- Voyage clauseA provision in a marine insurance policy that specifies the geographical limits and conditions under which...
- V-zone certificateNational Flood Insurance Progam (NFIP) regulations require coastal communities to ensure that buildings built...
50 of 3,748 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.