Valuations
Claims are much more easily and satisfactorily handlsed if you have valuations.With buildings,of course,you have to look at rebuilding cost than market value,as you do not insure the land.With other property,such as jewellery,it is equally important to keep valuation to update.
Valued or Agreed Value policy
This provides a pre determined fixed amount to be paid out for the loss of property.Not a very common policy unless you are collector of fine art or vintage cars.
Variable Charges
Those expenses which vary in direct proportion to business activity or volume of production,which are included as ‘specified working expenses’when calculating the sum insured under a Business Interruption policy.
Void and Voidable
A contract is considered legally void,that is invalid,if obtained by fraud or if the contract is voidable on the other hand if it can be avoided by the aggrieved party.He can get out of the contract if there has been a breach of utmost good faith.
Voyage Policy
Marine insurance covering goods for as long a they are moving from one place to another,as opposed to a Time policy where cover is simply for definite period of time.
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General Insurance Terms For V
Valued or Agreed Value policy
This provides a pre determined fixed amount to be paid out for the loss of property.Not a very common policy unless you are collector of fine art or vintage cars.
Variable Charges
Those expenses which vary in direct proportion to business activity or volume of production,which are included as ‘specified working expenses’when calculating the sum insured under a Business Interruption policy.
Void and Voidable
A contract is considered legally void,that is invalid,if obtained by fraud or if the contract is voidable on the other hand if it can be avoided by the aggrieved party.He can get out of the contract if there has been a breach of utmost good faith.
Voyage Policy
Marine insurance covering goods for as long a they are moving from one place to another,as opposed to a Time policy where cover is simply for definite period of time.
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