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Verbal Threshold

In no-fault auto insurance states with a verbal threshold, victims are allowed to sue in tort only if their injuries meet certain verbal descriptions of the types of injuries that render one eligible to recover for pain and suffering.
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Term in no-fault auto insurance, applicable in some states, that says that victims are allowed to sue in tort only if their injuries meet certain verbal descriptions of the types of injuries that render one eligible to recover for pain and suffering.

Vertical integration

Health care system that includes the entire range of medical services from outpatient to hospital and long-term care. Integrated delivery systems are an example of vertical integration. See integrated delivery systems (IDS) and horizontal integration .

Vessel/Ship

The ship (or vessel) may be described as a floating box made of steel in such a manner that it can safely travel in water in most weather conditions when carrying her load or empty. The front end of the ship which facilitates forward movement is called bow and her rear end which may be blunter, rounded or squared off is called the stern. The flat roof over the ship’s hull (body) is known as the deck which may have one or more openings called hatches. Below the hatches are holds or cargo spaces. The stern is fitted with the rudder which provides steering control and the propeller or screw which rotates at great speed to drive the ship. There are two types of Vessels (a) Sea or Ocean-going vessels: Usually have more than 5000 MT Gross Tonnage and are mechanically self-propelled Vessels of Steel Constructions. They are required to be “Classes” with any of the internationally recognized IACS-Member Classification Societies. (b) Sundry or Coastal Vessels are smaller crafts generally of local origin, built of steel, wood or fibre-glass, which is not subject to classification generally. If classes it would be a better risk. Normally used in inland, coastal waters, rivers, lakes or within Port waters.

Vested commissions

Renewal insurance commissions paid to insurance agents or their estates regardless of whether the agents stay with the issuing insurance company.
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Commissions paid to an agent regardless of whether they still work for the insurer, based on renewal business.
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Commissions on renewal business that are paid to the agent whether or not he or she still works for the insurance company with which the business is placed.