Glossary V 

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.