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J

Jetisson

A Marine Insurance term referring to the throwing of cargo overboard to lighten the ship in order to save it from sinking.

Jettison is one of the many perils covered under Institute Cargo Clauses A, B and C.
For further info, see Marine

Jeweller's Block Coverage

This Insurance covers 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 memorandum or consignment from others in the jewellery trade.

Joint and Survivor Annuity

An Annuity with two Annuitants, usually spouses. Payments continue until the death of the longest living of the two.

Joint Underwriting Association / JUA

Insurers which join together to provide coverage for a particular type of risk or size of exposure, when there are difficulties in obtaining coverage in the regular market, and which share in the profits and losses associated with the program. JUAs may be set up to provide auto and homeowners insurance and various commercial coverages, such as medical malpractice. (See Assigned risk plans; Residual Market)

Jumbo Limit

A limit placed on the amount of coverage that may be inforce and applied for on an individual life for automatic reinsurance purposes. If such insurance exceeds the limit, the risk must be submitted for facultative review.

Judgment

A final order of a trial court, which gives effect to the decision in the case. Judgment should be distinguished from verdict, which is strictly a finding of fact requiring an appropriate order to make it operational. In a criminal case, the sentence is part of the judgment.

Junk Bonds

Corporate bonds with Credit ratings of BB or less. They pay a higher yield than investment grade bonds because issuers have a higher perceived risk of default. Such bonds involve market risk that could force investors, including insurers, to sell the bonds when their value is low. Most states place limits on insurers’ investments in these bonds. In general, because property/casualty insurers can be called upon to provide huge sums of money immediately after a disaster, their investments must be liquid. Less than 2 percent are in real estate and a similarly small percentage are in junk bonds.