Glossary
Insurance Terms Glossary
This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. New terms will be added to the glossary over time.
The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references. These definitions represent a common or general use of the term. Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable.
Terms beginning with V
- Valued Policy
- – an insurance contract for which the value is agreed upon in advance and is not related to the amount of the insured loss.
- Valued Policy Law
- – state legislation which specifies that the insured shall receive the face amount of the policy in the event of a total loss to a dwelling rather than the actual cash value.
- Variable Annuity
- – an annuity contract under which the premium payments are used to purchase stock and the value of each unit is relative to the value of the investment portfolio.
- Variable Life Insurance
- – life insurance whose face value and/or duration varies depending upon the value of underlying securities.
- Variable Universal Life
- – combines the flexible premium features of universal life with the component of variable life in which excess credited to the cash value of the account depends on investment results of separate accounts.
- Vision
- – limited benefit expense policies. Provides benefits for eye care and eye care accessories.
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