General

Valuation.
Estimation of the value of an item, usually by appraisal.

Valuation Clause.
A clause stating the value of items for insurance purposes, making it a valued policy.

Valuation Reserve.
A reserve against the contingency that the valuation of assets, particularly investments, may be higher than what can be actually realized or that a liability may turn out to be greater than the valuation placed on it.

Valued.
Relating to an agreement by an insurer to pay a specified amount of money to or on behalf of the insured upon occurrence of a defined loss.

Vendee.
A person who purchases property.

Vendor.
A person who sells property.

Vested Commissions.
Commissions on renewal business which are paid to the agent whether or not he or she still works for the insurance company with which the business is placed.

Vis Major.
An accident for which no one is responsible, an act of God.

Voidable.
A policy contract that can be made void at the option of one or more of the parties to it. An example would be a Property Insurance policy which is voidable by the insurer if the insured commits certain acts.

Voluntary Reserve.
An allocation of surplus not required by law. Such reserves are often accumulated by insurers in order to strengthen their financial structure.