A settlement wherein the insurer pays a portion of the death benefits payable under a contract that covers a terminally ill person. In exchange for this early payment, the policyholder gives control and rights to the policy contract to another person. Through this process, the insured is paid a fraction of the policy amount before their death.
Insurance Encyclopedia
Viatical settlement company (Life Insurance)
A company aids the insurance company in reaching a viatical settlement with the policyholders of contracts that cover terminally ill people.
Vibration for Damages in Transit
Vibrations produce forces that change in amplitude and Direction with a definite frequency or range of frequencies. goods are subjected to vibration caused by engines or road vehicles, propellers of ships or aircraft, impacts from road or rails and handling equipment. Vibration may damage or loosen screws, parts of machinery items cause loosening of electrical contacts and the consequent sparking or leakage of current, seriously impair electronic items like calculators, or even cause structural failure in packaging materials.
Vicarious liability
See: respondeat superior .
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Employers ‘liability’ towards third parties for the acts of his servants.
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The condition arising where one person is responsible for the actions of another, as a parent is often held responsible for the vandalism damage a minor child does to a school.
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Various doctrines in the law hold people responsible for the negligent conduct of others. Several examples of this imputed or vicarious liability are: Liability Arising Out of Activities of Agents or Employers : The most frequent examples of one person being held responsible for the acts of another arises under the doctrine that one person, called the “principal” is held responsible for the tortuous acts of an Agent while such Agent is acting on behalf of the principal. Liability Arising From Activities of Independent Contract, Joint Ventures, or Joint Tort-Feasor : The contingent liability of a firm or individual for the negligence of persons or firms hired as independent contractors. Assumption or Elimination of Liability by Contract : Business commonly assumed under a contact liability for losses to others for which they would not be liable except for the contract. Statutory Liability : The legislatures of several countries have seen fit to impose statutory liability for certain acts of others.Vice Proper : An inherent characteristic that may cause loss of value.
Vicarious liability (Legal Terminology)
A law that makes a person liable for the acts committed by another person, under certain circumstances.
Video conferencing
Multimedia communications equipment that permits real-time communication between the distant site practitioner (i.e., where the expert physician or practitioner is located at the time the service is provided) and the patient.
video display terminal (VDT)
A television-like screen attached to a computer or word processing terminal; also known as a cathode ray tube (CRT) .
VIN
The vehicle identification number (VIN) on a vehicle. This number is usually found on the dashboard of the vehicle on the driver’s side and is usually listed on the vehicle registration and title. The VIN is a combination of letters and numbers seventeen characters in length that can be used to identify the make, model, and year of a car.
Vintage Car for Motor
Any car manufactured prior to 31.12.1940 and duly certified by the Vintage and Classic Car Club of India.
Violent Acts Expense coverage
Coverage designed for organzations that may be exposed to violent acts that injury multiple parties, such as schools, and churches. Coverages are geared towards the victims of mass violent acts such medical expenses on the scene and follow up, counseling, funeral costs, group trauma counseling, extra transportation costs, substitute teachers, and other costs related to or caused by the violent act that occurred.