Insurance type & does not exist (Create this type)

What causes this issue?

Inusrance type &V1& is not defined.

System Response

The system cannot determine the insurable values without an insurance
type. No further processing of insurable values is possible.

How to fix this error?

Define the insurance type &V1& you have entered again and enter the
correct control parameters.

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.