Vesting Age

The age at which the insured starts to receive the pension is called the vesting age. Once the vesting age is reached, the policy begins to release the annuity payout amount in the frequency mentioned in the policy.

Variable Life Insurance

A variable life insurance policy is a contract between the insured and the insurance company. It is a permanent life insurance policy with an investment component.

Vested Bonus

A vested bonus is a bonus issued by the insurance company after realising its assets and liabilities.

Void Contract

A formal agreement between the two parties or more that is ineffective and unenforceable for the moment is called a void contract. Once an insurance policy is void, the contract loses its legal validity.