Valued Policy :: Insurance policy that has values assigned to insured items, the values being agreed by the insurer. In the event of claim for total loss, that is the sum paid without the need for further negotiation.

 

Vicarious Liability :: Legal responsibility for the wrong committed by another person.

 

Void Contract :: Contract that was drawn up on the basis of what turns out to be misunderstandings on both sides. Such a contract is deemed in law never to have existed.