We've listed all the relevant insurance terminology we could think of...and then some! If you don't find what you're looking for, just send us an email with your question and we'll get right back to you with the answer!
A policy under which the insurer pays a specified amount of money to or on behalf of the insured upon the occurrence of a defined loss. The money amount is not related to the extent of the loss. Life insurance policies are an example.
The malicious and often random destruction or spoilage of another person's property.
An annuity whose contract value or income payments vary according to the performance of the stocks, bonds and other investments selected by the contract owner.
Variable Life Insurance
A kind of insurance where the death benefits and cash values depend on the investment performance of one or more separate accounts, which may be invested in mutual funds or other investments allowed under the policy.
Vehicle Identification Number (VIN)
Also known as the vehicle's serial number. This number can be found on a small metal plate on the left side of the dashboard. The VIN must appear on the automobile insurance policy.
Viatical Settlement Companies
Insurance firms that buy life insurance policies at a steep discount from policyholders who are often terminally ill and need the payment for medications or treatments. The companies provide early payouts to the policyholder, assume the premium payments, and collect the face value of the policy upon the policyholder's death.
A policy contract that for some reason specified in the policy becomes free of all legal effect. One example under which a policy could be voided is when information a policyholder provided is proven untrue.
A measure of the degree of fluctuation in a stock's price. Volatility is exemplified by large, frequent price swings up and down.