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 Insurance
Definitions
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- 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 tort
feasor who is able to pay, regardless of the
degree of that party's negligence.
- 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: One
of several types of "shared market" mechanisms
used to make automobile insurance available to
persons who are unable to obtain such insurance
in the regular market. JUAs also have been
created in some states to help alleviate
availability problems in the fields of medical
malpractice and commercial insurance.
- 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 level and handle claims,
but the ultimate costs are borne by all
companies writing insurance in that state.
- Judgement Rating: Rate-making method
for which each exposure is individually
evaluated and the rate is determined largely by
the underwriter's judgement.
- 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 benefits.
- 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 twenty-one with no increase in
premium.
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