Glossary

A voluntary compensation endorsement enables an employer to extend the benefits provided by the workers compensation act to employees who may not be entitled to benefits under the terms of the act, such as executive officers, partners, sole proprietors, farm workers, domestic employees, volunteers or employees traveling overseas.

A voluntary compensation maritime coverage endorsement allows an employer with maritime workers compensation exposure to offer benefits of the state designated in the endorsement to an injured employee or survivors of a deceased employee.

The Voluntary Employees Beneficiary Association was established by employers under the US tax laws as a pretax method of funding certain employee benefits.

The voluntary market refers to insurers writing insurance in a competitive environment with the freedom to accept or reject applicants based on their underwriting criteria and objectives.

Established by the Occupational Safety and Health Administration (OSHA) in 1982, voluntary protection programs were introduced as a way to promote collaboration between government, industry, and labor to achieve the common goal of effective worksite safety and health.

A voluntary reserve is an allocation of surplus not required by law.

The Volunteer Protection Act of 1997 is a federal law providing immunity from personal liability for volunteers of qualifying nonprofit organizations.

A voyage clause is a marine insurance policy provision specifying the time allowed for a voyage or series of trips that may be grouped together as one voyage.

A wage and hour audit is an independent review (typically privileged) that seeks to determine whether, for payroll purposes, the employees of a business are properly classified as either "exempt" (and thus not eligible for overtime pay) or "nonexempt" (and thus eligible for overtime pay).

Wage and hour claims are assertions by an employee-plaintiff that their employer has failed to pay overtime wages owed to the employee.