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Valued Policy

One in which the insured and insurer agree as to the value of property insured in advance of any loss to it, such amount to be paid in the event of a total loss of the covered property.

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Vandalism

Willful destruction of property.

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Vehicle

Every device which transports people or property upon a highway.

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Vehicular Homicide

Illegal operation of a motor vehicle resulting in death of another.

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Venture

n. (a) A business speculation. (b) In marine insurance, an ocean voyage.

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Verbal

Spoken words.

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Verdict

Answer rendered by jury concerning matters given to them for their deliberation.

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Verify

Prove to be true.

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Vessel

A craft used for navigation on water.

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Vicarious Liability

Indirect legal responsibility, e.g., an employer is liable for the acts of an employee, while in the commission of his duties.