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VAT

(Value Added Tax): A sales or consumption tax which the end user pays. Typically, this is a “hidden” tax, added to the list price of the goods in question.

VCP/VCR Insurance

Insurance for loss of or damage to these instruments including accessories by Fire, lightning, theft, storm, tempest, overrunning, excessive pressure, short-circuiting, arcing, self-heating or leakage of electricity from whatever cause. The cover is also available for indemnity in the event of third party claims.

VEBA

Acronym for Voluntary Employees Beneficiary Association. See Section 501(c)(9) Voluntary Employees Beneficiary Association (VEBA) .

Vehicle for Motor

Any mechanically propelled vehicle adapted for use on road, whether the power of propulsion is transmitted thereto from an external or internal source and includes a chassis to which a body has not been attached and a trailer, but does not include a vehicle running upon fixed rails or a vehicle of a special type adapted for use only in a factory or in any other enclosed premises or a vehicle having less than four wheels fitted with engine capacity of not exceeding 25 cubic centimeters (25 cc).

Vehicle replacement insurance

Like guaranteed asset protection – GAP – the policy pays out in the event of the vehicle being written off or stolen, but the benefit payable is the difference between the insurance company pay-out and the original invoice value. Cover is suitable for motorists who have wholly paid for their cars or paid large initial deposits. Policies run for two or three years as selected by the insured subject to a maximum benefit of £10,000.

Vendor

Individual or entity that sells and provides hardware, software, and/or ongoing support services for providers to file claims electronically to private insurance carriers, Medicare fiscal intermediaries, and Medicaid fiscal agents.
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One who sells any kind of property. See Also: “Seller.”
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A general term used to refer to the seller of a property.
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A person who purchases property.
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A general term used to refer to the buyer of a property.

Vendor’s indemnity

Products liability policy extension to indemnify any independent vendor of the insured’s product. The indemnity does not apply where the third party injury/damage arises from certain activities, e.g. intentionally changing the physical or chemical make-up of the product, undertaken by the vendor.