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.
Insurance Encyclopedia
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.
Judgment rating
Rate-making method for which each exposure is individually evaluated, and the rate is determined largely by the underwriter’s judgment.
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.