A term used in life insurance for nonforfeiture values.
Insurance Encyclopedia
Values Policy
A form of marine reinsurance under which the reinsurer undertakes to pay a fixed amount if a ship in excess of a specified value becomes a total loss.
VAN
See: value added network (VAN) .
Vandalism and Malicious Mischief
The willful injury or destruction of property e.g., throwing stones through the window of a home and damaging home furnishing would be vandalism and can be insured against by extending coverage of a Fire Insurance Policy.
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Once treated as a separate peril to be added to a property policy or not, current property forms routinely include the protection. While not defined in the policy, vandalism is generally seen to require some intent to cause damage or harm, while malicious mischief requires some level of malice. Children may toilet paper a house intentionally but with no malice an ex-lover may set fire to the bushes with malicious intent.
Vandalism and malicious mischief (VMM) (Property Insurance)
A peril that is typically included in homeowners insurance and basic commercial forms. The intentional destruction of or damage to property.
Vandalism insurance
Type of insurance coverage that protects an individual against loss and damage to property caused by a willful act.
Variable annuities
An annuity contract under which the payments to the annuitant will vary with the value of an underlying investment portfolio or linked to a cost of living index.
Variable annuity
See: annuity .
Variable contracts (Life Insurance/Health Insurance)
A type of contact that is regulated by both the state and federal governments. These contracts are riskier than the typical contract because they depend on the value of a separate account that serves as the backing for the contract.
Variable life insurance
Type of whole life insurance in which benefits relate to the value of assets in the investment portfolio of the contract at the time the benefit is paid. Premiums are fixed and there is a minimum death benefit.