Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 11 of 11 matching terms
Terms beginning with V
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Vacancy
Home insurance - A condition where a property is largely empty and unused; it can affect coverage under a policy’s terms.
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Vacancy exclusion
Auto insurance - A provision limiting certain property coverage after a building has been vacant for the period stated in the policy.
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Vacant home insurance
Home insurance - Specialized property coverage for a home that is unoccupied for an extended period and may not qualify for standard homeowners coverage.
- Also called: vacancy insurance
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Valuable papers coverage
Business insurance - Coverage for the cost to research, replace, or restore eligible records, documents, and valuable papers.
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Value-based insurance design
Health insurance - A benefit design using member cost sharing to encourage use of high-value services and discourage low-value care.
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Variable annuity
Life insurance - An annuity whose account value or payments vary with the investment performance of selected underlying investment options.
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Variable life insurance
Life insurance - Permanent life insurance whose cash value is invested in separate accounts and can rise or fall with investment performance.
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Variable universal life insurance
Life insurance - Universal life insurance combining flexible policy features with investment subaccounts whose values can fluctuate.
- Also called: VUL
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Vehicle identification number
Auto insurance - A unique identifying number assigned to a vehicle that insurers use to identify its make, model, equipment, and history.
- Also called: VIN
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Vehicle recalibration
Auto insurance - Adjustment and testing of vehicle safety sensors and cameras after repair or replacement to restore intended operation.
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Voluntary compensation endorsement
Business insurance - An endorsement providing benefits similar to workers compensation for persons not required to be covered by workers compensation law.