Risk & Insurance Glossary - V

A B C D E F G H I J K L M
N O P Q R S T U V W X Y Z

VALUATION CLAUSE – Method by which an insurance policy plans to establish value and reimbursement.
VALUED POLICY – A policy that expresses on its face an agreement that the thing insured shall be valued at a specified sum.
VALUED POLICY LAW – A law requiring payment of the full amount of the insurance in case of total loss of the property insured.
VANDALISM AND MALICIOUS MISCHIEF – The willful or ignorant injury or destruction of property by a person or persons other than the owner of the property; e.g., throwing stones through a window of a home and damaging home furnishings would be vandalism.
VANDALISM AND MALICIOUS MISCHIEF INSURANCE – Insurance protecting the insured from loss due to vandalism and malicious mischief, usually an endorsement to the fire policy.
VENTURE – An undertaking.
VOLUNTARY COMPENSATION – Insurance to provide workers' compensation benefits to employees who are not covered under the workers' compensation act.