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Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

V

VACANT

Status of a dwelling whose occupants have left it with no intention of returning; also, status of any newly built dwelling between the time the work is completed and the time the first occupants move in.

VACANT BUILDING

A building with no occupants or furnishings.

VALUABLES

Articles of personal property having great worth.

VALUATION

Estimation of the value of an item, usually by appraisal.

VALUE MANAGERS

Money managers who actively search out stocks that are under-valued in hopes that, once the market recognizes the true value of the stocks, the stock value will appreciate.

VANDALISM

Intentional destruction or damaging of property motivated by malice or revenge, referred to as Malicious mischief.

VANDALISM AND MALICIOUS MISCHIEF (V&MM)

Damage or destruction to property, which is willful. This coverage can be purchased under many Property forms and is automatically covered under most Homeowners policies.

VEHICLE REGOSTRATION NUMBER

Number appearing on a vehicle license plate.

VIN

The vehicle identification number (VIN) on your vehicle. This number is usually found on the dashboard of your vehicle on the driver's side, and is usually listed on the vehicle registration and title. The VIN is a combination of letters and numbers 17 characters in length that can be used to identify the make, model, and year of your car.

VIOLATION, INFRACTION

Breach of a law or of a regulation.

VOLATILITY

The degree to which instruments/markets vary in price. Lower volatility results in less price variance.

VOLUNTARY MEDICAL PAYMENTS

Coverage in the second part of the home insurance contract providing for voluntary payment to the insured, for bodily injury suffered by a person other than the insured and for which medical expenses are incurred.

VOLUNTARY PROPERTY DAMAGE PAYMENT

Coverage in the second part of the home insurance contract providing for voluntary reimbursement to the insured, for repair/replacement of property other than the insured's.

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