Term

Definition

valuation date

The date a retrospectively rated WC policy is evaluated-- typically 18 months after inception and every 12 months thereafter while any claims remain open

variable costs

costs that vary in direct relationship to the amount of or variation in losses, including allocated loss adjustment expenses and loss conversion factor expenses

venue

specific district, board, or court location with authority to resolve a WC dispute (employees or employers sometimes have a choice of venue)

violation of a safety rule

some safety rule violations by injured workers may reduce or forfeit WC benefits

vocational rehabilitation (VR)

group of related services offered to injured workers to help them return to work following an injury; VR may involve transferable skills assessments, educational courses, job search assistance, and many other vocational aids; in some states, employees must offer VR but in other states it is voluntary or a state agency provides it

vocational rehabilitation unit

some state WC agencies have a vocational rehabilitation unit that either does vocational counseling or monitors VR done by private vocational rehabilitation providers

voluntary agreement

Same as agreement

Voluntary Compensation and Employers Liability Coverage Endorsement

endorsement to the WC policy that extends coverage to employees not required to be covered under state WC laws

Voluntary Compensation and Employers Liability Coverage for Residence Employees Endorsement

endorsement to the WC policy that extends coverage to residence employees not required to be covered under state WC laws; typically endorsed on a homeowners or personal liability policy, not a WC policy

voluntary coverage

same as elective coverage

voluntary market

WC insurance policies that insurers want to write; not part of a residual market plan

volunteers

volunteers may or may not be covered by state WC laws