Insurance Glossary

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There are 5 names in this directory beginning with the letter V.

Valuation

Estimation of the value of an item, usually by appraisal eg. Jewellery appraisal.

Valued policies

If the subject matter of the insurance is a total loss, then the sum insured is paid. This may provide more or less than indemnity value.

Variable Quota Share

A form of Quota Share treaty, with more than one cession percentage depending on the size of risks under the contract. Strictly speaking, a Surplus treaty is also a Variable Quota Share.

Void contract

A contract which can be treated as if it never existed.

Voidable contract

A contract which can be voided by one party.