Glossary

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Valuable Papers Coverage

An "all risk" insurance policy that provides coverage for costs associated with research to reconstruct damaged records and associated costs. "Valuable papers" may include written or recorded documents and records, including books, maps, films, drawings, abstracts, deeds, mortgages, and manuscripts.

Variable Premium Life Insurance

Life insurance programs most commonly found in universal life, in which the premium due is variable. The variation in premium will depend on the investment earnings from earned dividends that may be reinvested and used to pay premiums.

Viatical Settlement

When all or part of the proceeds from a life insurance policy are paid out to an insured who is terminally ill before they die.

Viator

The agent or broker who sells rights to life insurance coverage.

Virtual Insurance

An evolving term that typically refers (theoretically) to any form of insurance coverage that is sold, delivered and serviced electronically, specifically via the Internet. Another term is e-insurance.

Voided Policy

When important information related to seeking insurance coverage has been concealed, misrepresented or is fraudulent, the insurer may have the right to dissolve a policy's coverage as though the policy never existed.

Voluntary Compensation Coverage

Protection which an employer may purchase to cover employees not otherwise included in the scope of workers compensation laws.
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