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Glossary


A vacancy permit endorsement is a property insurance endorsement that suspends some or all of the coverage restrictions that apply to buildings that have been vacant for more than a specified time period (typically, 60 days).

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A vacancy provision, found in most commercial property policies, severely restricts coverage in connection with buildings that have been vacant for a specified number of days (typically, 60 days).

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The term vacant refers to a building that contains little to no furniture or other personal property. Many property provisions contain a vacancy provision that reduces or eliminates coverage when the property is vacant for a designated period of time.

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Vacation liability is a motor motor home insurance coverage. It provides personal liability coverage only when the motor home is parked off public roads and while the unit is used for recreational purposes.

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Valuation papers and records coverage is inland marine coverage that pays the cost to reconstruct damaged or destroyed valuable papers and records.

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Valuation is a provision in a property or inland marine policy that specifies the basis of indemnification when property is destroyed.

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The valuation date is the cutoff date for adjustments made to paid claims and reserve estimates in a loss report.

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Value-added services are services provided in conjunction with the sale of insurance that go beyond the mere provision of insurance. The nature and quality of value-added services provided by an agent/broker or insurer are important factors for an insured in selecting between competing organizations.

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Value-at-risk is an approach to risk used in banking and investment but less often by insurers and reinsurers.

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Value-based care refers to a form of medical care delivery in which physicians and hospitals are compensated based on achieving positive results rather than on the sheer quantity of medical services they provide.

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