Rate-making method for which each exposure is individually evaluated, and the rate is determined largely by the underwriter’s judgment.
Insurance Encyclopedia
Judicial
Pertaining to the action in a court of law.
Judicial Bond
A bond required in civil and criminal court actions.
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A surety bond required in court proceedings.
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US: Type of surety bond used for court proceedings and guaranteeing that the party bonded will fulfill certain obligations specified by law, for example, fiduciary responsibilities.
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.
Judicial delay insurance
A special scheme insuring against the additional costs incurred by a litigant following the delay or postponement of a court hearing. Cover operates for non-appearance of the judge, a presiding official or counsel due to illness or for any other reason.
Judicial review
In the Medicare program, after payment or denial of an insurance claim and four levels of appeal, this is the fifth level in which the provider may file a civil action to be heard in a U.S. District Court. The amount in controversy must be $1000 or more.
Judicial review insurance
Policy indemnifying the insured in the event of the insured’s planning consent being made subject to a judicial review hearing and the insured’s intended development prevented or delayed.
Julian date
1. Date in the Julian calendar, or actual number of the day within the year (i.e., July 17, 2006, is Julian date 2453934.1471). Astronomers and calendricists use the term in this sense, according to which a Julian date is a number, denoting a point in time, which consists of an integer part and a fractional part (e.g., 2439291.301), where the integer part is a Julian day number and the fractional part specifies the time elapsed since the start of the day denoted by that Julian day number. 2. In the commercial world the term “Julian date” has been used for a quite different concept, that of the number of the chronological date of the year 001 through 365 preceded by a two-digit year designation, so that January 1st = day 001 and February 28th = day 059; thus 06121 would be Monday, May 1, 2006. For the number of the day in the year, the proper term for this concept is “ordinal date.”
Jumbo claim
See: large claim .
Jumbo risk
A policy of insurance written with exceptionally high limits.
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An exceptionally large Policy or risk.
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UK: Policy of insurance written with exceptionally high limits.