Glossary

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.