A type of trust used to fund health care ahead of it being needed.
Insurance Encyclopedia
voluntary employees’ beneficiary association (VEBA)
See: 501(c)(9) trust .
Voluntary enrollee
Certain individuals aged 65 or older or disabled, who are not otherwise entitled to Medicare and who opt to obtain coverage under Part A by paying a monthly premium.
Voluntary excess
An excess for which the insured volunteers in order to get the benefit of a reduced premium.
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 plan termination
Act of ending a retirement plan with the cancellation initiated by the plan sponsor.
Voluntary Reserve
An allocation of surplus not required by law. Insurers often accumulate such reserves to strengthen their financial structure.
***
A reserve not legally mandated.
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.