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Value-Added Tax

Method of indirect taxation whereby a tax is levied at each stage of production on the value added at that specific stage.

Variable Annuity

Annuity contracts in which the issuer pays a periodic amount linked to the investment performance of the underlying portfolio.

Variable Life Insurance Policy

A whole-life insurance product that provides a death benefit dependent on the insured’s portfolio market value at the time of death. Variable life insurance is offered by prospectus only. The prospectus contains details including charges and expenses. Please read the prospectus carefully before purchasing a policy. Life insurance policies contain exclusions, limitations, reduction of benefits and terms for keeping them in force. Insurance policies are the contractual obligation of the issuing insurance company.

Venture Capital

An investment in a start-up business that the investor perceives as having growth prospects but lacking access to capital markets.


Daily number of shares of a security that change hands between a buyer and seller.

Voting Right

The stockholders’ right to vote on matters that are put to a vote of security holders.