Call Us 612-824-1160 ☰ ˟
Logo
Call Us 612-824-1160
  • Home
  • Get A Quote
    • Auto Insurance Quote
    • Business Owners (BOP) Quote Form
    • Commercial Auto Insurance Quote
    • General Liability Quote Form
    • Workers Compensation Quote
    • Condo Insurance Request
    • Homeowners Insurance Quote
    • Pet Insurance Quote Form
    • Recreational Vehicle Insurance Quote
    • Renters Insurance Quote
    • Umbrella Insurance Request
  • Products
    • AutomobileImage of right arrow
      • Liability Coverage
      • Comprehensive Coverage
      • Collision Coverage
      • Uninsured & Underinsured Motorist Coverage
      • Accident Forgiveness
      • Minor Violation Forgiveness
      • Roadside Assistance
      • Specialty Auto Insurance
      • 24-Hour Customer Service
      • Towing
      • Rental Reimbursement
      • Personal Injury Protection (PIP)
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance
      • General Liability Insurance
      • Business Owner Policy
    • Home InsuranceImage of right arrow
      • Property Insurance
      • Homeowners Liability
      • Renters Insurance
      • Condo Insurance
      • Mobile Home Insurance
      • Scheduled Property Insurance
      • Landlords Insurance
    • Other Personal InsuranceImage of right arrow
      • Identity Theft
      • Personal Umbrella Insurance
    • Recreational Vehicle InsuranceImage of right arrow
      • Boat Insurance
      • Motorcycle Insurance
      • Motorhome Insurance
      • ATV Insurance
      • Snowmobile Insurance
    • Coverage for Specific IndustriesImage of right arrow
      • Dump Truck Insurance
      • Snow Plow Insurance
      • Tow Trucks Insurance
    • Pet Insurance
  • Blog
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About Abbott Insurance Agency LLC
    • Location Map
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact Us
    • Contact Us
    • Join our Newsletter
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Recreational Icon

Recreational

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Glossary > V

Insurance Glossary

Insurance terms and definitions from Abbott Insurance Agency, LLC.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Abbott Insurance Agency, LLC. today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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.

VANDALISM
The malicious and often random destruction or spoilage of another person’s property.

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.

VARIABLE LIFE INSURANCE
A policy that combines protection against premature death with a savings account that can be invested in stocks, bonds, and money market mutual funds at the policyholder’s discretion.

VIATICAL SETTLEMENT COMPANIES
Insurance firms that buy life insurance policies at a steep discount from policyholders who are often terminally ill and need the payment for medications or treatments. The companies provide early payouts to the policyholder, assume the premium payments, and collect the face value of the policy upon the policyholder’s death.

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.

VOLATILITY
A measure of the degree of fluctuation in a stock’s price. Volatility is exemplified by large, frequent price swings up and down.

VOLCANO COVERAGE
Most homeowners policies cover damage from a volcanic eruption.

VOLUME
Number of shares a stock trades either per day or per week.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Contact Us Today!
612-824-1160

Social Social

Resources

  • Products
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

317 West 46th Street
Minneapolis, MN 55419

P: 612-824-1160 | F: 612-824-6210 | E:agents@abbott-insurance.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder