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.
Read MoreValued 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.
Read MoreA valued policy is a policy that pays a predefined loss amount not related in any way to the actual incurred loss.
Read MoreValue of risk is the contribution to shareholder value or other stakeholder interests resulting from a risk-taking activity.
Read MoreVanishing premium refers to policies where future premiums are paid by the buildup in cash value or the experience account of the insured.
Read MoreA 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.
Read MoreA 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.
Read MoreVariable premium life insurance refers to a life insurance policy that allows the insured to vary the premium payments subject to certain limitations.
Read MoreVendors 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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