Dictionary of Insurance Terms -V-

-V-

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  Verbal Threshold: In no-fault auto
  insurance states with a verbal threshold, victims are allowed to sue in
  tort only if their injuries meet certain verbal descriptions of the types
  of injuries that render one eligible to recover for pain and suffering.
• 
  Vested Commissions: Renewal commissions
  payable to the writing agent or his estate, whether or not he remains with
  the company.
• 
  Vesting: A provision that a pension participant
  will, after meeting certain requirements, retain a right to all or part
  of the accrued benefits, even though the employee may leave the job before
  retirement.
• 
  Viatical Settlement: Payment of a portion of the proceeds from life
  insurance to an insured who is terminally ill.
• 
  Voluntary Market: The market where
  one seeking insurance obtains insurance in the open market with no help
  from the state, through an insurer of his or her own selection.