Insurance Terms - V
valuable papers and records coverage (VP) - (inland marine coverage that pays the cost to reconstruct damaged or destroyed valuable papers and records - usually defined to include almost all forms of printed documents or records except money or securities - data processing programs, data, and media are usually excluded)
value at risk (VAR) - (worst-case scenario of a monetary decline if a probably loss should occur within a specified time frame given normal market conditions and a particular confidence level)
value of risk (VOR) - (the contribution to shareholder value or other stakeholder interests resulting from a risk-taking activity)
vandalism and malicious mischief (V&MM) (or VMM) - (damage or destruction to property that is willful - traditionally V&MM coverage was optional on many forms or added by endorsement, but today is automatically covered by basic commercial and homeowner forms)
variable interest entity (VIE) - (an affiliated or nonaffiliated entity in which a company is deemed to have a financial interest, even if such interest is not evidenced contractually - typically used to hold or transfer tangible and intangible assets and liabilities)
Variable Universal Life (VUL) - (policy combining features of Universal Life Insurance and Variable Life Insurance in that excess interest credited to the cash value account depends on investment results of separate accounts)
vendors single interest insurance (VSI) - (insurance purchased by financial institutions that protects against financial loss from physical damage to property (collateral) on which loans have been made - covers only the outstanding balance on the loan)
Vermont Captive Insurance Association (VCIA) -
Veterans Administration (VA) - (U.S. federal agency that administers programs, such as health insurance, health care, life insurance, mortgage loans, and pension benefits, for veterans of the U.S. armed forces)
U.S. Department of Veterans Affairs (VA) - (agency which provides benefits and medical assistance to former members of the military)
Veterans Group Life Insurance (VGLI) - (five-year nonrenewable term life insurance policy for veterans who were covered by Servicemens Group Life Insurance (SEGLI) while on active duty in the U.S. uniformed forces)
Video Privacy Protection Act of 1988 (VPPA) - (federal law generally prohibiting the disclosure of a consumer's video rental or purchase records to third parties)
volatile organic compound (VOC) -
Voluntary Employee Beneficiary Association (VEBA) - (employer benefit plan which usually provides its employee members with various types of insurance benefits - paid life insurance, health insurance, and accident insurance)
Voluntary Protection Program (VPP) - (program established by the Occupational Safety and Health Administration (OSHA) in 1982 which provided incentives to employers to develop workplace safety and health programs)