The non-forfeitable value of a person’s retirement benefits at present.
Insurance Encyclopedia
Vested reserves
Funds (reserves) that remain owned (vested) by the insured and which cannot be used by the insurance company except for paying refunds or claims.
Vested rights
Pensions term meaning: (a) benefits to which active members would be unconditionally entitled on leaving service; (b) the preserved pension benefits for deferred pensioners; (c) pensions entitlement of current pensioners; including, where appropriate, the related benefits for spouses or other dependants.
Vesting (Life Insurance)
The right to a benefit, given to a participant because of contributions made by the employer. The participant does not need to still be employed by the employer making the contributions.
Vesting bonus
Bonus declared in respect of, and allotted to, with profits life policies. Once declared it is said to ‘vest’ and is added to the life insurance benefit and the existing bonuses. All vested bonuses become payable under the same conditions as the sum insured. With profits benefits once added are guaranteed.
Vesting requirements
Terms set down in an employment agreement stating the time period and dollar amount when retirement or other benefits will begin and the rate of increase.
Veteran
Any person who has served in the armed forces of the United States, especially in time of war; is no longer in the service; and has received an honorable discharge.
Veterans Affairs (VA) Disability program
Program for honorably discharged veterans who file claim for a service-connected disability.
Veterans Affairs (VA) Outpatient Clinic
A clinic where medical and dental services are rendered to veterans who have service-related disabilities.
Viatical Settlement
Payment of a portion of the proceeds from life insurance to an insured who is terminally ill.