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Glossary


Valued business interruption coverage is business interruption coverage that provides for the payment of a stipulated amount for each day of fully interrupted operations rather than for payment of the amount of loss actually sustained.

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Valued coverage is property coverage that provides for payment of a stipulated dollar amount (rather than the actual cash value or replacement cost of the property) in the event of total loss.

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A valued policy is a policy that pays a predefined loss amount not related in any way to the actual incurred loss.

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Values are the exposure data that must be submitted by an insurer as part of its underwriting submission to allow for premium calculation.

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Value of risk is the contribution to shareholder value or other stakeholder interests resulting from a risk-taking activity.

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Vanishing premium refers to policies where future premiums are paid by the buildup in cash value or the experience account of the insured.

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A variable annuity is an annuity that provides lifetime income payments that vary in relation to the performance of the underlying investment portfolio managed by the insurer.

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A variable interest entity is an affiliated or nonaffiliated entity in which a company is deemed to have a financial interest, even if such interest is not evidenced contractually.

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Variable premium life insurance refers to a life insurance policy that allows the insured to vary the premium payments subject to certain limitations.

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Vendors coverage is additional insured coverage, usually under a manufacturer's general liability policy, for specified vendors with respect to their distribution or sale of the manufacturer's products designated in the schedule on the endorsement.

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