The right to a benefit, given to a participant because of contributions made by the employer. The participant does not need to still be employed by the employer making the contributions.
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Vesting bonus
Bonus declared in respect of, and allotted to, with profits life policies. Once declared it is said to ‘vest’ and is added to the life insurance benefit and the existing bonuses. All vested bonuses become payable under the same conditions as the sum insured. With profits benefits once added are guaranteed.
Vesting requirements
Terms set down in an employment agreement stating the time period and dollar amount when retirement or other benefits will begin and the rate of increase.
Veteran
Any person who has served in the armed forces of the United States, especially in time of war; is no longer in the service; and has received an honorable discharge.
Veterans Affairs (VA) Disability program
Program for honorably discharged veterans who file claim for a service-connected disability.
Veterans Affairs (VA) Outpatient Clinic
A clinic where medical and dental services are rendered to veterans who have service-related disabilities.