Malpractice Insurance
Professional Liability coverage for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients.
Definitions
Volume
Number of shares a stock trades either per day or per week.
Volatility
A measure of the degree of fluctuation in a stock’s price. Volatility is exemplified by large, frequent price swings up and down.
Void
A policy contract that for some reason specified in the policy becomes free of all legal effect. One example under which a policy could be voided is when information a policyholder provided is proven untrue.
Variable Annuity
An Annuity whose contract value or income payments vary according to the performance of the stocks, bonds and other investments selected by the contract owner. An insurance company contract into which the buyer makes a lump-sum payment or series of payments. In return, the insurer agrees to make periodic payments beginning immediately or at some future date. … Read more
Vandalism
The malicious and often random destruction or spoilage of another person’s property.
Valued Policy
A policy under which the insurer pays a specified amount of money to or on behalf of the insured upon the occurrence of a defined loss. The money amount is not related to the extent of the loss. Life insurance policies are an example.
Write
To insure, underwrite, or accept an application for insurance
Wrap-Up Insurance
Broad policy coordinated to cover liability exposures for a large group of businesses that have something in common. Might be used to insure all businesses working on a large construction project, such as an apartment complex.
Working Layer
The first layer above the Ceding Company‘s retention wherein moderate to heavy loss activity is expected by the Ceding Company and reinsurer. Working layer reinsurance agreements often include adjustable features to reflect actual underwriting results