See: catastrophe insurance policy .
Insurance Encyclopedia
Volenti non fit injuria
To him who is willing there can be no injury.’ No action in tort is sustainable by a person who has expressly or impliedly assented to the risk, i.e. he cannot enforce a right that he has voluntarily waived. There is no consent when a person acts under a moral or legal constraint or when rescuing a person endangered by a third party’s negligence.
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To him who is willing there can be no injury. If a person voluntarily consents to a risk, he has no right of action against anyone for injuries suffered as result of his actions.
Volume
1. Amount of space taken by a body as stated in cubic units. 2. Number of services, procedures, or tests performed. 3. Number of patients seen in a medical office or hospital facility. 4. Number of patients in a diagnosis-related group (DRG) during a certain period of time.
Volume and intensity of services
In the Medicare program, quantity of medical services per beneficiary, taking into account the number and complexity of the services provided.
Volume behavioral offset
Change factor in the volume of services that occurs in reaction to a change in fees. It is used in the annual setting of the Medicare volume performance standard (VPS), resulting in higher annual payments than would otherwise be expected.
Volume discount
Reduction in premium rate applied to new group insurance coverage based on total case premium for specific coverage or total premium and premium per employee certificate.
Volume loading
Increase in premium rate applied to new group insurance coverage based on total case premium for specific coverage or total premium and premium per employee certificate.
volume performance standard (VPS)
Method for updating and adjusting fees based on annual increase in actual expenditures compared with previously determined VPS rates of increase. It is the desired growth rate for spending on Medicare fvPart B physician services that is set each year by Congress.
Volume risk
The effect of demand for a product or service on revenue. Energy sector sales fall during warm winters regardless of price. Heating fuels are bought because it is cold not because prices are low. Weather derivatives are used as a hedge against the volume risk.
Volume Weight
Used when calculating air freight when the size of the carton is greater than the average weight calculated by multiplying the length times the width times the height and dividing by 166.