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Term
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Definition
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valuation date
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The date a retrospectively rated WC policy is evaluated-- typically 18 months after inception and every 12 months thereafter while any claims remain open
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variable costs
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costs that vary in direct relationship to the amount of or variation in losses, including allocated loss adjustment expenses and loss conversion factor expenses
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venue
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specific district, board, or court location with authority to resolve a WC dispute (employees or employers sometimes have a choice of venue)
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vocational rehabilitation (VR)
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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
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voluntary agreement
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Same as agreement
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Voluntary Compensation and Employers Liability Coverage Endorsement
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endorsement to the WC policy that extends coverage to employees not required to be covered under state WC laws
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Voluntary Compensation and Employers Liability Coverage for Residence Employees Endorsement
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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
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voluntary market
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WC insurance policies that insurers want to write; not part of a residual market plan
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volunteers
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volunteers may or may not be covered by state WC laws
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