Turbulence until embraced by very old non-clerics (10)

'turbulence' is the definition.
Although both the answer and definition are singular nouns, I don't understand how they can define each other.

'until embraced by very old non-clerics' is the wordplay.
'until' becomes 'til' (I am not sure about this - if you are sure you should believe this answer much more).
'embraced by' is an insertion indicator.
'very' becomes 'v' (abbreviation).
'old' becomes 'o' (abbreviation).
'non-clerics' becomes 'laity' (I've seen this before).
'v'+'o'+'laity'='volaity'
'til' inserted within 'volaity' is 'VOLATILITY'.

Can you help me to learn more?