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The absence of people and personal property from a building, not expected to return. Property coverage is often restricted when there are long periods of vacancy, especially for the Perils of Vandalism and Glass Breakage.

Vandalism and Malicious Mischief (VMM)

Protects property against damage caused by vandals. May be added by Endorsement to the DP-1 Basic Form; included coverage in many other Property forms.

Variable Annuity

An Annuity contract in which the amount of the periodic benefits varies, usually in relation to the value of securities invested in a “separate” account, which is very similar to a mutual fund. Producers selling variable annuities or variable life insurance must also pass the FINRA Series 6 or 7 exam and be registered with the Securities Exchange Commission (SEC), since securities are regulated by Federal law. Further, most states require that producers selling variable products obtain a Variable Products endorsement to their state Life insurance license.

Vicarious Liability

Imposed in some states upon a person even though he is not a party to the particular occurrence, e.g., the owner of a motor vehicle might be vicariously responsible for injuries even though he is not driving the car at the time of the occurrence.