vhgupta1,
Take a look at your /etc/fstab and /etc/mnttab. If you have a listing for lvol8 in /etc/fstab but not in /etc/mnttab, type mount /<filesystem name from fstab>. Then cd into the mount point and see if you see data. It could be that for some reason the logical volume is not set to mount at boot.
To set it to mount at boot, I would recommend using sam, if you are new to HPUX. It could be just a matter of adding the correct line to mnttab to get it to mount at boot.
If it is /var that is the mount point to that logical volume, yes, it is an important directory. If you don't have it mounted, you could be writing your /var files to the /var directory in /, rather than the filesystem /var. If that is the case, you run the risk of filling up /, and also run the risk that perhaps ownership and permissions on subdirectories of the filesystem /var are not correct.