Dictionary of Insurance Terms -J-

-J-

• 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 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.
• 
  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 benefits.