We hope that our extensive glossary of common (and some not-so-common)
insurance terms and phrases proves helpful to you! Simply start
below by choosing the first letter of the word or phrase you want to
learn more about.
A - B - C - D - E - F - G - H - I - J - K - L - M
N - O - P - Q - R - S - T - U - V - W
VALUED POLICY - A policy under which the insurer
pays a specified amount of money to or on behalf of the insured
upon the occurrence of a defined loss. The money amount is not
related to the extent of the loss. Life insurance policies are
an example.
VANDALISM - The malicious and often random destruction or
spoilage of another person’s property.
VARIABLE ANNUITY - An annuity whose contract value or income
payments vary according to the performance of the stocks, bonds and other investments
selected by the contract owner.
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VARIABLE LIFE INSURANCE - A policy
that combines protection against premature death with a savings
account that can be invested in stocks, bonds, and money market
mutual funds at the policyholder’s discretion.
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VIATICAL SETTLEMENT COMPANIES - Insurance
firms that buy life insurance policies at a steep discount from
policyholders who are often terminally ill and need the payment
for medications or treatments. The companies provide early payouts
to the policyholder, assume the premium payments, and collect the
face value of the policy upon the policyholder’s
death.
VOID - A policy contract that for some reason
specified in the policy becomes free of all legal effect. One example under
which a policy could be voided is when information a policyholder provided
is proven untrue.
VOLATILITY - A measure of the degree of fluctuation
in a stock’s price. Volatility is exemplified by large, frequent
price swings up and down.
VOLCANO COVERAGE
- Most homeowners insurance policies cover
damage from a volcanic eruption.
VOLUME
- Number of shares a stock trades either
per day or per week.
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