INSURANCE GLOSSARY
The Insurance Terms Glossary is divided alphabetically for ease of browsing. Select the alphabet letter that corresponds to the first letter of the word you would like to be informed about to open the appropriate heading.

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Glossary Terms ' J '

Jettison - Hazard covered under a Marine Cargo Insurance policy defined as the throwing overboard of cargo when done to preserve property from loss. Coverage is not provided under this clause for goods jettisoned because of spoilage such as foods plants hides etc. (The spoilage may be covered under another clause or another policy which can be determined by consulting with your insurance agent). See also Cargo Insurance.

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. See also Bailee Insurance

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.

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.

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.