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INSURANCE LEGAL GLOSSARY |
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Glossary of
Insurance Terms
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F G
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VIN Vehicle Identification Number: A Vehicle Identification Number is a 17-digit alpha-numeric code that provides valuable information concerning the vehicle's serial number, make, model, options, and year in official records (like a Social Security number for your car).
Vanishing Premium: An option that allows a policy owner to stop paying premiums after a number of years.
Variable Life: A type of whole life policy in which the death benefit and the cash value relate to the investment performance of a separate account fund that the policyholder selects. The separate account assets are invested in bonds, money market funds, stocks, and other instructions.
Voluntary Compensation Insurance: A coverage similar to Workers Compensation used in circumstances in which Workers Compensation coverage does not apply or is not required by law. An example would be an employer wanting to voluntarily pay compensation benefits to members of a company-sponsored athletic team, or a church wishing to cover volunteer workers.
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