Glossary of Insurance Terms
Printed with permission from the Insurance Institute of Canada.
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Vacant Building
Valuation
Valued Policy
Vicarious Liability
Void
Vacant Building
A building with no occupants or furnishings. See also
Unoccupied.
Valuation
An estimate or the act of assessing of value. This will
frequently be done through the process of an appraisal.
Valued Policy
A policy
which provides that a special amount shall paid in the
event of a total loss of the property.
Vicarious
Liability
Liability imposed upon a person even though not a party
to a particular occurrence, e.g., the owner of a motor
vehicle is vicariously responsible for injuries even
though he is not driving the car at the time of the
occurrence.
Void
1) Invalid, not legally binding.
2) An insurance contract that is prohibited by law and
thus cannot be held to be a valid contract.
