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.
Insurance Encyclopedia
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.
Jumping juvenile (Life Insurance)
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.
Jurisdiction
Legal territory over which a court has authority to hear and decide an issue and to enforce its decision.
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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.
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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.
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A clause in an insurance or reinsurance contract which states to which territory’s courts any contractual dispute shall be referred for resolution.