Control of the handling of an estate by both the Surety (bonding company) and the Fiduciary (administrator, executor, etc.). Funds are kept in joint accounts, and disbursements made only with both signatures so the Surety can assure itself that the affairs of the estate are being handled properly.
Insurance Encyclopedia
Joint control (Estate)
Control of the items that make up an estate by a bonding company, also known as a surety, and an administrative party, such as an executor, known as the fiduciary. Any funds are put in joint accounts and dispensed only with the consent of both the surety and the fiduciary.
Joint credit life insurance
Type of credit life insurance that pays a full benefit amount to a lender on the death of any of the cosigners of a loan.
Joint Excess Loss Clauses 1/1/97
Main set of clauses for the excess of loss reinsurance of London Market syndicates and companies. They are the only standard set of clauses but are sufficiently flexible to have a wide application.
Joint Excess of Loss Committee
Run by Lloyd’s and the IUA to promote standardised wordings and clauses for excess of loss reinsurance contracts.
Joint Hull Committee
A joint committee of the the IUA and Lloyd’s, to which the IUA provides the Permanent Secretary, concerned with the general wellbeing of the marine hull market. It reviews and updates the Hull Institute Clauses in consultation with the market. It has also set up Education and Marketing, Wordings and Technical, Statistics and Information, Maritime Industry Liaison and Finance sub-committees. It has established monthly market briefings to report on the work of the committee and to inform the market on current technical and safety issues. Administers joint hull understandings.
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The Joint Hull Committee in London, comprising representative underwriters from Lloyd’s and member companies of the Institute of London Underwriters, is responsible for the structure of the Joint Hull formula, which is a basis recommended for rating for hulls.
Joint Hull Returns Bureau
A bureau under the auspices of the Joint Hull Committee that handles and approves applications from shipowners for returns of premium, e.g. laid-up returns.
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A bureau which approves applications by ship owners for returns of premiums as when a ship is laid up.
Joint hull survey
A hull survey undertaken jointly by a surveyor representing the insurer and another surveyor representing the insured.
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A survey of a ship carried out jointly by a surveyor on behalf of the insurer and a surveyor on behalf of the insured.
Joint Hull Understandings
A market agreement to provide a framework for the underwriting of hull business in London. The agreement is administered by the Joint Hull Committee. The aim is to achieve some uniformity of practice by means of recommendations, but the understandings do not provide rates or a basis of rating. The understandings are reviewed annually and set guidelines on the treatment of renewals of business regarded as unsatisfactory.
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Formula comprising of premium figures and claims in respect of hull fleets for arriving at renewal premium for hull Insurance.
Joint insurance (Life Insurance)
A policy written in the names of at least two people. Benefits are only paid on the occasion of the first death.