Glossary of Insurance Terms

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Jacket - The cover of an insurance policy; it usually contains the name of the insurer, its address, etc.

Jettison - Act of throwing overboard part of a vessel’s cargo or hull in hopes of saving a ship from sinking.

Jewelers block insurance - A policy especially designed for jewelers, it offers a combination of coverages protecting against risks of physical loss to property at the jeweler’s premises, property in transit, or customers’ property in the insured’s care.

Jewelry floater, see Floater.

Joint and several liability - A legal doctrine whereby a creditor or claimant may demand payment or sue one or more of the parties separately, or all of them together.

Joint Underwriting Association (JUA) - These are insurance pools representing all insurers in a state. A few "servicing carriers" act on behalf of all the insurers, issuing policies, receiving fees, and handling claims. They are reimbursed for losses, and receive fees from the JUA to cover operating costs.

Joint venture - A venture in which two businesses join together to share risk or expertise on a specific project or group of projects.

Jones Act - The Federal act through which maritime workers are provided workers compensation coverage (which ordinarily responds to the mandates of particular states).

Judicial bonds - Two types of bonds available to guarantee faithful performance of court appointed duties. Fiduciary bonds guarantee the faithful performance of persons entrusted by the courts in the management, conservation, and disposition of property. Litigation bonds (or "court bonds") are required in court actions. Bail bonds and appeals bonds are litigation bonds; where the bond amount is forfeited if the bonded person disappears or the appeal is lost.

Jumbo risk - A policy of insurance written with exceptionally high limits.