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Insurance Glossary

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Term Definition
Valuation

A calculation of the policy reserve in life insurance. Also, a mathematical analysis of the financial condition of a pension plan.

Variable Annuitization

The act of converting a variable annuity from the accumulation phase to the payout phase.

Variable Life Insurance

A form of life insurance whose face value fluctuates depending upon the value of the dollar, securities or other equity products supporting the policy at the time payment is due.

Variable Universal Life Insurance

A combination of the features of variable life insurance and universal life insurance under the same contract. Benefits are variable based on the value of underlying equity investments, and premiums and benefits are adjustable at the option of the policyholder.

Viator

The terminally ill person who sells his or her life insurance policy.

Viator

The terminally ill person who sells his or her life insurance policy.

Voluntary Reserve

An allocation of surplus not required by law. Insurers often accumulate such reserves to strengthen their financial structure.

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