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For general informational purposes only. Refer to your policy to determine the
exact definition of any term defined therein.
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David G. Sayles Insurance Services
Insurance Terms--V
- Valuable Papers: Written, printed, or otherwise inscribed documents and
records, including books, maps, films, drawings, abstracts, deeds, mortgages, and manuscripts.
- Valuable Papers Insurance: An
All
Risk Insurance coverage that is designed to cover the cost of research to reconstruct damaged records, as well
as the cost of new paper and transcription.
- Variable Annuity: An
annuity contract
in which the amount of each periodic income payment may fluctuate. The fluctuation may be related to securities
market values, a cost of living index, or some other variable factor. Variable annuity contracts are generally
designed to minimize current taxes on the income derived from the investments in them; income taxes are then incurred
when withdrawals are made from the annuity, for instance beginning after age 59 1/2.
- Variable Life Insurance:
Life
Insurance under which the benefits relate to the value of assets behind the contract at the time the benefit
is paid. The amount of death benefit payable would generally not be less than the initial death benefit payable
under the policy, depending on the terms outlined in the policy.
- Verbal Threshold: Term in
No-Fault
Auto Insurance, applicable in some states, which states that victims are allowed to sue in tort only if their
injuries meet certain verbal descriptions of the types of injuries that render one eligible to recover for pain
and suffering.
- Vested Commissions: Renewal
commissions,
generally related to Life Insurance policies, payable to the writing agent or his estate, whether or not he remains
with the company.
- Vesting: A provision that a pension participant will, after meeting certain requirements,
retain a right to all or part of the accrued benefits, even though the employee may leave the job before retirement.
- Viatical Settlement: Payment of a portion of the proceeds from
Life
Insurance to an Insured who is terminally ill.
- Voluntary Market: The market where one seeking insurance obtains insurance
in the open market with no help from the state, through an
insurer of his or her
own selection.
Copyright 1998 David G. Sayles Insurance Services