[J001]
Jacket
The outer covering of an insurance policy, containing the declarations, insuring agreements, exclusions, conditions, and provisions to the policy, including any endorsements or riders.
[J002]
Jettison
In ocean marine insurance, the voluntary throwing overboard of part of the cargo or gear of the vessel to lighten the load and save the vessel from conditions of stress at sea. Because the jettison is done for the entire venture, the owner of the jettisoned goods is entitled to a general average, meaning the loss is shared by all interests in the voyage, including the owners of the vessel and freight as well as the owners of the cargo not thrown over.
(See general average, and sacrifice.)
[J003]
Jewelers block insurance
Broad policies insuring jewelers against all loss to their stock in trade. Generally considered to be a type of inland marine insurance.
[J004]
Jewelers package policy
A special package policy developed for jewelry risks containing a package of coverages including crime both on and off-premises, "all-risk" cause of loss on the building and business personal property, as well as stock. Most contain coverage for business income and liability.
[J005]
Jewelry floater
An inland marine policy insuring jewelry wherever it may be.
[J005a]
Joint control
When more than one party to a contract or agreement has equal control of the funds or interest in the designated venture. In the case of bond insurance, it is when the entity and the surety both have legal control of the funds or property used as collateral to a bond.
[J006]
Joint insured
One of the insureds in a type of life insurance policy covering more than one insured.
[J007]
Joint life insurance
A type of life insurance policy covering more than one insured. The death benefit is paid when either one of the insureds dies. This is a more costly type of life insurance because payments are paid as soon as any one of the insureds dies, increasing the chances for an early payout of the benefits.
[J010]
Joint and several liability
This type of liability occurs when more than one party is involved in a contract and where both joint liability (that of all the parties to the contract) and several liability (that of each individual party to the contract) promise the action in the contract. If the terms of the contract are not fulfilled, the injured party has the ability to seek a legal remedy from all the parties involved (joint) or each individual party(several).
[J011]
Joint and survivor annuity
A type of annuity that is most often written for a married couple. As long as both are alive, a period benefit payment is made. When one dies, the payment amount may change; however, payments still continue for the survivor.
[J018]
Joint and survivorship option
A life insurance settlement option that pays benefits to two or more persons. Benefits payments cease when the last payee dies.
[J019]
Joint credit life insurance
Used in credit life insurance to cover more than one person, i.e., husband and wife as cosigners. Will pay off the remainder of the loan (the benefit) to the lender upon the death of either or any cosigner to the loan.
[J020]
Joint life insurance
Covers two lives and pays on the death of the first.
[J008]
Joint life and survivor annuity
A combination type of life insurance policy that converts to an annuity and is most often issued to a married couple. Payments are made until both are deceased.
[J009]
Joint life and survivor insurance
A type of life insurance coverage for more than one person. Benefits are not paid until the last of the covered insureds has died. Lower premiums exist on this policy than on individual life policies because of the potential for a much longer period of time that should normally exist before the policy is called upon to make benefits (all insureds must be deceased).
[J012]
Joint underwriting associations (plans) (JUA)
An association of insurance companies formed with statutory approval for the express purpose of providing certain insurance to the public. JUAs are usually formed because the voluntary market is unwilling to write coverage. Regulators usually allow JUAs to establish their own rates and policy forms. They may cease when the voluntary market becomes available for that line of business.
[J021]
Joint venture
An entity formed by two or more legal entities for a specific purpose for a specified period of time. Unlike a partnership, this is a temporary arrangement and it does not have to include making a profit among its motives.
[J013]
Jones Act
A federal law designed to offer remedy and legal protection to sailors, seamen, and other maritime employees who are not covered by state workers compensation and employers liability laws. State laws do not apply to employees on wharves, docks, or navigable waters whether they be interstate or international. It allows maritime employees the ability to sue their employers or shipowners should they be injured through the negligence of that employer or shipowner.
[J023]
Jones Act coverages
These coverages provide a version of workers compensation protection for persons who are excluded from standard workers compensation policies. Specifically, it applies to vessel, captains and crews involved in most activities whether operating in navigable waterways, in territorial waters, while in dry dock or in temporary dock, and including vessel loading/unloading, construction and repairs. The protection may be provided by a separate policy or via an endorsement to a workers compensation or a marine liability policy.
[J014]
JUA--joint underwriting associations (plans)
An association of insurance companies formed with statutory approval for the express purpose of providing certain insurance to the public. JUAs are usually formed because the voluntary market is unwilling to write coverage. Regulators usually allow JUAs to establish their own rates and policy forms. They may cease when the voluntary market becomes available for that line of business.
[J014a]
Judgment or ("A") Rates
Rates used by an insurer that are not statistically credible because adequate data does not exist for that particular coverage or class. Such rates are based on the experience and best judgment of the underwriter for each individual risk.
[J022]
Judicial bond
A bond that is used in legal (court) matters, promising that a person will meet the obligations that arise out of the particular proceeding.
[J015]
Jumbo line
Any larger than usual line of business submitted to an insurer.
[J016]
Jumbo risk
A risk or insurance policy with very high limits of insurance.
[J017]
Juvenile insurance
Life insurance policies written for children under 16 years of age.
