- VALUATION DATE (Table: SSAPS_ASSETS)
- The date of applicability of the Unit Value
- Valuation mortality tables
- Mortality tables developed and published as industry-wide standards for computing the values of policy reserves. These tables usually have wide margins of safety, indicating much higher rates of mortality than do the tables that insurers use for calculating premiums.
- Valuation premium
- The net annual premium used to calculate reserves. The valuation premium is most often used to describe the GAAP net premium.
- VALUE AGE (Table: PLAN_VALUES)
- Enter the age at entry for the corresponding plan values. Leading zeroes are to be omitted for single digit ages. Under certain circumstances for joint life cases the VALUES.AGE in the Rates File will be used.
- Valued contract
- A contract under which the amount of the benefit is set in advance. A life insurance policy is a valued contract. See also contract of indemnity.
- Variable annuity
- A form of annuity policy under which the amount of each benefit payment is not guaranteed and specified in the policy. The amounts of the benefit payments fluctuate according to the earnings of a separate account fund.
- Variable life insurance
- A form of whole life insurance under which the death benefit and the cash value of the policy fluctuate according to the investment performance of a separate account fund. Most variable life insurance policies guarantee that the death benefit will not fall below a specified minimum. A minimum cash value is seldom guaranteed. Because the policy owner assumes investment risk under variable life insurance policies, these products are considered securities contracts. In the United States, variable life insurance policies must be registered with the Securities and Exchange Commission (SEC), and only agents who have passed the National Association of Securities Dealers (NASD) examination may sell this product. In Canada, variable life insurance policies are considered life insurance contracts, and agents do not need a special license to sell these products. See also investment-sensitive life insurance.
- Variable premium life insurance
- See indeterminate premium life insurance.
- Variable universal life insurance
- A form of whole life insurance that combines the premium and death benefit flexibility of universal life insurance with the investment flexibility and risk of variable life insurance. Because the policy owner assumes investment risk under variable universal life insurance policies, these products are considered securities contracts. In the United States, variable universal life insurance policies must be registered with the Securities and Exchange Commission (SEC), and only agents who have passed the National Association of Securities Dealers (NASD) examination may sell this product. In Canada, variable universal life insurance policies are considered life insurance contracts, and agents do not need a special license to sell these products. Also called flexible premium variable life insurance and universal life II. See also investment-sensitive life insurance.
- VERSION_NO (Table: SCHEME_RATES)
- This field is multi-valued and related to VER_DATE and DATE_TYPE. It indicates the version in the UNIT_VALUES key.
- VER_DATE (Table: SCHEME_RATES)
- This field is multi-valued and related to DATE_TYPE and VERSION. The dates are to be input in reverse date order. The line of detail used will be the last line where the VER_DATE is not before the 'comparison date' (the date being compared being indicated by the DATE_TYPE). Together they indicate how the version is to be set when formatting the UNIT_VALUES key.
- Vested benefit
- In pension and employee-benefit terms, a benefit that a plan participant is entitled to receive if the participant leaves the plan. By contrast, nonvested benefits would be forfeited by the participant upon leaving the plan. A participant's benefits become vested after a certain number of years of participation in a plan.
- Void contract
- A contract that is not valid. For example, a life insurance contract that lacks insurable interest is void for reasons of public policy.
- Voluntary Employees' Beneficiary Association (VEBA)
- See 501(c)(9) trust.
- Voluntary plan termination
- The curtailment or termination of a pension plan with the curtailment or termination being initiated by the plan sponsor. Contrast with involuntary plan termination. See also distress termination and standard plan termination.
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