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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.
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VANDALISM |
The malicious
and often random destruction or
spoilage of another person’s
property.
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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.
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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.
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VOLATILITY |
A measure of
the degree of fluctuation in a
stock’s price. Volatility is
exemplified by large, frequent price
swings up and down.
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VOLCANO
COVERAGE |
Most
homeowners policies cover damage
from a volcanic eruption.
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VOLUME |
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Number of
shares a stock trades either per day
or per week. |
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WAIVER |
The surrender
of a right or privilege. In life
insurance, a provision that sets
certain conditions, such as
disablement, which allow coverage to
remain in force without payment of
premiums.
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WAR RISK |
Special
coverage on cargo in overseas ships
against the risk of being
confiscated by a government in
wartime. It is excluded from
standard ocean marine insurance and
can be purchased separately. It
often excludes cargo awaiting
shipment on a wharf or on ships
after 15 days of arrival in port.
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WATER-DAMAGE INSURANCE COVERAGE |
Protection
provided in most homeowners
insurance policies against sudden
and accidental water damage, from
burst pipes for example. Does not
cover damage from problems resulting
from a lack of proper maintenance
such as dripping air conditioners.
Water damage from floods is covered
under separate flood insurance
policies issued by the federal
government.
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WEATHER
DERIVATIVE |
An insurance
or securities product used as a
hedge by energy-related businesses
and others whose sales tend to
fluctuate depending on the weather.
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WEATHER
INSURANCE |
A type of
business interruption insurance that
compensates for financial losses
caused by adverse weather
conditions, such as constant rain on
the day scheduled for a major
outdoor concert.
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WHOLE LIFE
INSURANCE |
The oldest
kind of cash value life insurance
that combines protection against
premature death with a savings
account. Premiums are fixed and
guaranteed and remain level
throughout the policy’s lifetime.
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WORKERS
COMPENSATION |
Insurance that
pays for medical care and physical
rehabilitation of injured workers
and helps to replace lost wages
while they are unable to work. State
laws, which vary significantly,
govern the amount of benefits paid
and other compensation provisions.
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WRAP-UP
INSURANCE |
Broad policy
coordinated to cover liability
exposures for a large group of
businesses that have something in
common. Might be used to insure all
businesses working on a large
construction project, such as an
apartment complex.
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WRITE |
To insure,
underwrite, or accept an application
for insurance.
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