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Glossary of terms used in insurance - V

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Glossary of Insurance Terms - V

Glossary of terms used in insurance - V

  1. Vision Coverage: This is an insurance plan provided on a group basis which includes eye examinations and some costs related to contact lenses or glasses.
  2. Valuation: This is the total of policy reserves in life insurance. It also provides an analysis about the financial status of a pension plan.
  3. Valuation Reserve: This is a reserve that is maintained in order to guard against the possibility that investments may have been valued higher than they should have been. It also guards against liabilities turning out to be bigger than earlier valuations placed on them.
  4. Variable Annuitization: This is the process of conversion of variable annuities from accumulation to the payout phase.
  5. Variable Life Insurance: This is a type of life insurance whose face value changes with changes in the dollar or other equity products that are balancing the policy at the time of payment.
  6. Viator: This refers to a patient who is terminally ill and who is selling his life insurance policy.
  7. Voluntary Reserve: This is an allocation of excess reserves beyond the requirements of law. This is often done by companies to add strength to their financial structure.
  8. Valued Policy: This is a type of policy where the company pays a particular amount of money on the occurrence of a particular loss. The amount is paid on behalf of the insured. The amount paid does not depend on the extent of the loss. Life insurance policies belong to this type of policy.
  9. Vandalism: This refers to the deliberate destruction of or damage to another person’s property for malicious intent.
  10. Variable Life Insurance: This is a policy which combines premature death coverage with a savings account. This can be invested in bonds, stocks and mutual funds I money markets at the discretion of the policy holder.
  11. Variable Universal Life Insurance: This is a type of permanent life insurance combining premiums and death benefit flexibilities of variable life insurance. In this type of policy, the cash benefit and death benefit fluctuate according to the performance of the investment. It is also known as universal life ll.
  12. Viatical Settlement Companies: These are insurance companies that buy life insurance policies from terminally ill patients at steep discounts. These patients usually need the money for treatment purposes. The companies give early payouts to the person and take charge of the payment of premiums. On the death of the person, the face value is collected by the company.
  13. Void: This refers to a contract that has become free of legal strength due to certain factors. This may happen if any of the facts stated by the applicant is proved to be false by the insurer within a specified period of time.
  14. Volatility: This is a measurement of the degree to which the prices of a stock are likely to fluctuate in a given period of time. The typical signs of volatility are the price swings witnessed by the stocks in a period of time.
  15. Volcano Coverage: These are included in most homeowners’ coverage. It provides covers against volcanic eruptions and the losses suffered therein.
  16. Volume: This is the number of shares traded by a particular stock on a day.


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