Valuable Papers and Records:

An all risk insurance coverage form that provides coverage for physical loss or damage to valuable papers and records.

 

Variable Annuity:

An annuity contract in which the amount of each periodic income payment may fluctuate.

 

Variable Life Insurance:

Life insurance under which the benefits relate to the value of assets behind the contract at the time payment is due.

 

Vesting:

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.

 

Voluntary Market:

The market where one obtains insurance in the open market with no help from the state, through an insurer of their own selection.