|
Glossary of Insurance Terms
A
B
C
D
E
F
G
H
I J
K
L
M
N
O
P
Q
R
S
T
U
V W X
Y Z
- Jeweler's Block Insurance: Coverage
designed to protect the insured's stock,
property left with the insured for repair or
other purposes, and the insured's interest in
and legal liability for property on
consignment from others in the jewelry trade.
The policy is written on a special form. Some
of the more prevalent perils covered are fire,
open stock burglary, inside and outside
holdup, safe burglary, theft, pilferage,
kidnapping, shoplifting, window smashing,
damage or loss of salesman's samples in
transit, loss in transit by registered mail,
water damage, sprinkler leakage, and smoke
damage.
- Joint-and-Several Liability: A
legal principle that permits the injured party
in a tort action to recover the entire amount
of compensation due for injuries from any
defendant who is able to pay, regardless of
the degree of that party's negligence, once
any liability by that defendant has been
established.
- Joint-and-Survivor Annuity: A
contract that provides income periodically,
payable during the longer lifetime of two
persons. The amount payable may decrease at
the death of one or the other. (See Contingent
Annuity Option)
- Joint Tenants: A form of joint
property ownership with right of survivorship,
i.e., in which the survivors automatically own
the share of a deceased co-owner.
- Joint Underwriting Association: A
device used to provide insurance to those who
cannot obtain insurance in the voluntary
market. Certain companies (called carriers)
issue policies at one rate and handle claims,
but the ultimate costs are borne by all
companies writing insurance in that state.
- Judgment Rating: Rate-making method
for which each exposure is individually
evaluated and the rate is determined largely
by the underwriter's judgment.
- Judicial Bond: Type of surety bond
used for court proceedings and guaranteeing
that the party bonded will fulfill certain
obligations specified by law, for example,
fiduciary responsibilities.
- Jumbo Risk: A risk involving
exceptionally high limits.
- Jumping Juvenile Insurance Policy :
Life insurance purchased by parents for
children under a specified age. Provides
permanent life insurance that increases in
face value five times at age 21, with no
increase in premium.
Back
to top /
Next Page
Get A Quote |
Glossary of Terms |
Contact Us
Privacy Statement |
Home
|
