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GLOSSARY TERMS by Alpha
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Vacant property
Valuable papers coverage
Valuation
Valued policy
Valued policy law
Vandalism and malicious mischief
Vanishing premium policy
Variable death benefit
Variable Life Insurance
Verbal threshold
Vested commissions
Viatical Settlement
Vicarious liability

Vacant property

Once defined as devoid of occupants or contents, a stricter definition is being applied as more and more communities find older buildings of three and four stories that are only one quarter occupied. Property policies impose limitations on coverage of "vacant" buildings so the (changing) definition of vacant property is quite important.

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