V – Glossary of Terms

ALPHABETICAL LISTING 

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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.
ALPHABETICAL LISTING 

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