Procedure used for quickly reviewing simple insurance applications using strictly defined underwriting standards.
Insurance Encyclopedia
Jetsam
Cargo or goods that sink when jettisoned. Term also applies to such goods when washed ashore.
Jettison
Act of throwing overboard part of a vessel’s cargo or hull in hopes of saving a ship from sinking.
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UK: Deliberate throwing overboard of cargo or parts of the ship. If done in time of peril, this is a general average sacrifice but is also recoverable as a direct claim on the policy.
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The term related to property i.e., part of a vessel’s cargo or hull that is thrown overboard in time of peril to save the adventure from a ship from sinking thereby making it a total loss.