Glossary Index

Glossary on General Insurance Terms starting with J


JACKET : Outercovering comprising insurance policy; normally furnishes brief information of coverage, exclusions, terms and conditions, etc. related to the coverage

JACKUP RIG : Relates to energy risks, an offshore drilling structure with derrick or tabular legs supporting deck and hull; when positioned over the drilling site, bottoms of legs rest on the seabed; jackup rig is towed or propelled to the location with the legs up; once the legs are firmly positioned at the bottom, deck and hull height is leveled and adjusted

JETTISON : Throwing the cargo overboard; step taken by the captain of the ship for saving the vessel and/or interests during common peril; claim for cargo loss so jettisoned can be recovered from marine insurance policy

JEWELLERS BLOCK POLICY : Insurance plans for jewellers needs; cover is available for stock-in-trade at the jewelers' premises, stock in custody of employees, partners or other insured agents; stock in transit through insured post parcel, air freight, courier or angadia, office furniture, fittings, fixtures, and fittings in the premises against fire and other perils, theft, and burglary

JOINT ACCOUNT XL COVERS : Known as Common Account XL covers that are arranged for protecting retained quota and reinsured quota on every risk; arrangement is also known as reinsurance for joint account

JOINT AND SEVERAL LIABILITY : Legal term used for defining liability implying that any decree in court of law if made joint and several is enforceable against all parties sued or any one of them separately

JOINT CARGO COMMITTEE : Committee formed for deliberating issues related to cargo insurance and making recommendations for uniform implementation

JOINT CARGO SURVEY : Joint survey attended by carrier's surveyor and surveyor appointed by owner or underwriter of the cargo in the event of loss to the goods

JOINT HULL COMMITTEE : Committee formed by company underwriter and Lloyds for deliberating issues related to marine hull insurance and make recommendations on premium rates policy terms and conditions for standard implementation

JOINT HULL SURVEY : Joint survey by insured surveyor and surveyor appointed by insurance company in the event of an accident to the insured ship resulting in claims under the insurance plan; classification society surveyor may also participate in case vessel class needs to be certified after repair of the vessel

JOINT HULL UNDERSTANDINGS : Understandings between the hull underwriters within the market providing a view for ensuring uniformity of approach on practices and principles related to hull insurance

JOURNAL ENTRY AND JOURNAL BOOK : Every accounting entry follows double entry that is debit one account and credit another account; some major items, separate book is maintained for recording the entries; these include sales and purchase book or cash book; for insurance companies such books could be commission, premium, and claims registers; all these books serve the purpose of journal entries for crediting and debiting the account head for the total of all transactions; in addition to these books there may be other transactions that are accounted by passing journal entries for every transaction; these entries are recorded in journal book

JUDGEMENT : Court determinations for completed jurisdiction on various submitted matters

JUDGEMENT BY DEFAULT : Judgment delivered in the courts in the absence of any one party involved in the litigation; either the defendant or the plaintiff

JUDGMENT RATING : Rate making technique for which every exposure is evaluated individually and rate is largely determined by the judgment of the underwriter/s

JUST COMPENSATION : Complete indemnity by the insurance company for the loss sustained by the assured

JOINT-AND-SEVERAL LIABILITY : Legal principle permitting the injured person during tort action for recovering full compensation amount because of injuries from any tort feasor who is able to pay irrespective of the degree of the party's negligence

JOINT-AND-SURVIVOR ANNUITY : Contract providing periodic income that is payable during longer lifetime of two individuals; amount payable may reduce at the time of demise of one or the other

JOINT TENANTS : Form of joint property ownership with survivorship right; whereby survivors automatically own the share of dead co-owner

JOINT UNDERWRITING ASSOCIATION : One of the numerous kinds of "shared market" techniques used for making auto insurance available to people who are unable to procure such coverage in the regular insurance industry; these also have been developed in some states for helping alleviation of availability issues in fields like commercial or medical malpractice insurance

JUDICIAL BOND : Kind of surety bond used for the court proceedings and guarantee that the bonded party will fulfill specified obligations defined by the law; such as fiduciary responsibilities

JUMBO RISK : Risk involving exceptionally large benefits

JUMPING JUVENILE INSURANCE POLICY : Life insurance procured by parents for children younger than a specified age; provides permanent life cover that increases in face value by 5 times at the age of 21 years without needing to pay additional premium

JOINT LIFE POLICY : Pays the insurance amount when the first of two or more insured individuals passes away