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.