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*Terms marked with an asterisk are from LOMA’s
Glossary of Insurance and Financial Services Terms. Copyright © 2002
LOMA (Life Office Management Association, Inc.). Used with
permission from LOMA. Click here
for more information
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VALUED POLICY
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.
VANDALISM
The malicious and often random destruction or spoilage of another
person's property.
VARIABLE ANNUITY
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 policy that combines protection against premature death with a
savings account that can be invested in stocks, bonds, and money
market mutual funds at the policyholder's discretion.
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.
VOID
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.
VOLATILITY
A measure of the degree of fluctuation in a stock's price.
Volatility is exemplified by large, frequent price swings up and
down.
VOLCANO COVERAGE
Most homeowners policies cover damage from a volcanic eruption.
VOLUME
Number of
shares a stock trades either per day or per week.
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