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Glossary
Table of Contents
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 | Variable Annuity: An annuity contract in
which the amount of each periodic income payment may fluctuate. The
fluctuation may be related to securities market values, a cost of living
index, or some other variable factor.
| Variable Annuity: An annuity under which
the benefit varies according to the investment results of a life insurance
company's separate account (usually invested primarily in common stocks).
| Variable Life Insurance: Life
insurance under which the benefits relate to the value of assets behind the
contract at the time the benefit is paid. The amount of death benefit
payable would, under variable life policies that have been proposed, never
be less than the initial death benefit payable under the policy.
| Verbal Threshold: In no-fault auto
insurance states with a verbal threshold, victims are allowed to sue in tort
only if their injuries meet certain verbal descriptions of the types of
injuries that render one eligible to recover for pain and suffering.
| Vested Commissions: Renewal commissions
payable to the writing agent or his estate, whether or not he remains with
the company.
| Vest: A provision that a pension participant will,
after meeting certain requirements, retain a right to all or part of the
accrued benefits, even though the employee may leave the job before
retirement.
| Viatical Settlement:
Payment of a portion of the proceeds from life insurance to an insured who
is terminally ill.
| Voluntary Market: The market where one
seeking insurance obtains insurance in the open market with no help from the
state, through an insurer of his or her own selection. |
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