A term used to refer to a policy written on a child, typically in units of $1,000. If the child turns 21, the value of the policy is automatically increased without any extra proof of insurability, such as a medical examination, required.
Insurance Encyclopedia
Jurisdiction
Legal territory over which a court has authority to hear and decide an issue and to enforce its decision.
***
US: (1) A term used to describe which courts have the power or authority to decide a particular matter. (2) The geographical subdivision with respect to which an individual insurance regulatory body (such as a state insurance department) has authority.
***
The power to hear and determine causes.
Jurisdiction Clause
A clause inserted in a treaty wording defining the laws under which any dispute shall be resolved.
***
A clause in an insurance or reinsurance contract which states to which territory’s courts any contractual dispute shall be referred for resolution.
Jurisdiction/jurisdiction clause
The authority of a court to hear and decide cases. Jurisdiction is determined by the geographic location of the court and the subject matter of the case. A jurisdiction clause in liability policies usually means that the policy will respond only to an action brought in Great Britain, Northern Ireland, the Channel Islands or the Isle of Man. Another common approach, less restrictive, is simply to exclude claims that are the subject of US and Canada jurisdiction.
Jurisprudence
Philosophy of law and the system of applied justice through the law and the courts.
Just-in-Time (JIT)
The principle of production and inventory control in which goods arrive when needed for production or use.
Justice courts
See: small claims court .
Justice of the Peace Bond
Bond issued to judicial officers of inferior rank who hold courts not to record and are limited in civil and criminal jurisdiction. The bond covers the faithful performance of the ministerial functions and not his judicial function.
Justification
Defendant may plead that the actions that form the basis of the case against him were justified. In a libel case, the plea of justification admits the publication of the defamatory words but pleads that they are true in substance and in fact.
Jute Clauses
The cover is similar to Institute Commodity Trades Clauses (B) with the following main differences: (a) Earthquake, volcanic eruption and lightning are not covered. (b) The cover attaches only when jute is loaded on board the vessel. The time limit of 60 days after discharge at the destination port is reduced to 30 days in jute clauses. (c) In the termination of contract of carriage clause, the time limit is reduced from 60 days to 15 days only.