Valuation:
Estimation of the value of an item, usually by appraisal:

Valuation Clause:
A clause stating the value of items for insurance purposes, making it a valued policy:

Valuation Reserve:
A reserve against the contingency that the valuation of assets, particularly investments, may be higher than what can be actually realized or that a liability may turn out to be greater than the valuation placed on it:

Valued:
Relating to an agreement by an insurer to pay a specified amount of money to or on behalf of the insured upon occurrence of a defined loss:

Vendee:
A person who purchases property:

Vendor:
A person who sells property:

Vested Commissions:
Commissions on renewal business which are paid to the agent whether or not he or she still works for the insurance company with which
the business is placed:

Vis Major:
An accident for which no one is responsible, an act of God:

Voidable:
A policy contract that can be made void at the option of one or more of the parties to it: An example would be a Property Insurance policy which is voidable by the insurer if the insured commits certain acts:

Voluntary Reserve:
An allocation of surplus not required by law: Such reserves are often accumulated by insurers in order to strengthen their financial structure: