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.
Insurance Encyclopedia
Joint-survivor option (Annuities)
An option available within an annuity contract, which offers a guaranteed income to the annuitant. Once the annuitant is deceased, his or her beneficiary is provided an income.
Joisted Masonry Construction
A building which has exterior walls constructed of masonry materials such as adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile or other similar materials and a roof and floor constructed of combustible materials. A floor which rests directly on the ground is an exception and may be disregarded.
Jones Act
The federal act through which maritime workers are provided workers compensation coverage (which ordinarily responds to the mandates of particular states).
Jouissance Security
A security issued by a joint stock company that does not give the holder the status of a shareholder but entitles him to a share in the profits of the Company or in the proceeds of a winding up, etc.
Journal for Indian Shipping
A Journal being published monthly. It contains articles of interest to ship-owners and essential statistics relating to ships and shipping.
Journal Insurance Times
The only monthly journal of Insurance published in India from Calcutta.
Judgment
1. Knowledge sufficient to understand the nature of a transaction. 2. Official and authentic decision of a court of justice on the respective rights of the parties to an action submitted to it for determination.
Judgment or Decree
The conclusion of the law, delivered by a court of justice or other competent tribunal. Also means an adjudication for the payment of money.
Judgment Rates
Rates established by the judgment of the underwriter without application of a formal set of rules or schedule.