V&MM See vandalism and malicious mischief.
VIN vehicle identification number.
Value Added products and services products and services provided to make our customers' lives easier.
valued policy A form of policy in which
the amount of indemnity to be paid in case of loss is fixed by the terms of
the policy itself and does not depend on adjustment. This should not be confused
with a stated value policy.
vandalism and malicious mischief (V&MM)
Willful physical injury to or destruction of property.
variable annuity Similar to a traditional
fixed annuity. Retirement payments will be made periodically to the annuitants,
usually over the remaining years of their lives. Under the variable annuity,
there is no guarantee of the dollar amount of the payments. Payments will
fluctuate up and down in accordance with the value of an account invested
primarily in common stocks.
variable life insurance A policy
in which the death benefit and cash surrender values vary according to the
investment experience of a separate investment account.
viatical settlement A settlement
that enables a person facing terminal illness to sell a life insurance policy
for cash to a third party (i.e., a viatical settlement company), who then
becomes the beneficiary of the policy upon the death of the policyholder.
vicarious liability Under certain
circumstances, a person is liable for the actions of (or damage done by) someone
else. For example, if the owner of an automobile gives permission to a friend
to drive an automobile, and the friend negligently causes an accident, the
owner can be held liable.