Insurance terms and definitions from Parkway Insurance Group, Inc.
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 Parkway Insurance Group, Inc. today to learn more.
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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.
DISCLAIMER: The definitions provided in this glossary are intended to offer a general understanding of common insurance terms used within the industry. They may not apply in all states or to every insurance or financial product. This resource is for informational purposes only and does not constitute an insurance contract. Coverage terms, conditions, and exclusions vary—please consult your actual Parkway Insurance Group policy documents for complete details. In the event of any discrepancies between these definitions and your official policy, the policy provisions will take precedence. This content does not replace or fully explain the rights and obligations of policyholders, insurance agents, or insurance carriers. For questions about your specific coverage, please contact Parkway Insurance Group directly or refer to your policy language.
Glossary information has been adapted from trusted industry sources, including III.org (the Insurance Information Institute).