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Voluntary market

A group of insurers that elect to write insurance in a competitive environment retaining the right*- to accept and reject business submitted. More specifically, the term also applies to the two types of mandatory insurance automobile liability and workers compensation. In these instances, voluntary market refers to the insurers that provide coverage to desirable risks while rejecting the less attractive risks, which must then be afforded coverage through assigned risk markets.

Voluntary schemes

Pension, life insurance or other benefit schemes in which the members select the type and level of benefits they require from the range available. The members pay the contributions and premiums. The collective nature of affinity groups and trade unions means the members get better terms than they would as individuals.

Voyage policy

Marine policy covering the subject-matter from the port of departure to destination irrespective of any time element. In practice the Institute Cargo Clauses (Clause 8 the Duration Clause) includes a time element by a provision to extend cover to up to 60 days after discharge from the vessel.
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A marine Insurance Policy to cover a specific voyage. Also, a clause in Ocean Marine policies specifying the period of tie of the number of trips that may be grouped together as one voyage.

VP

HCPCS Level II modifier that may be used with CPT or HCPCS Level II codes indicating an aphakic patient.