Joint-and-Several Liability: A legal principle that permits the injured party in a
tort action to recover the entire amount of compensation due for injuries from any tort
feasor who is able to pay, regardless of the degree of that party's negligence.
Joint Tenants: A form of joint property ownership with right of survivorship, i.e.,
in which the survivors automatically own the share of a deceased co-owner.
Joint Underwriting Association: One of several types of "shared market" mechanisms
used to make automobile insurance available to persons who are unable to obtain such
insurance in the regular market. JUAs also have been created in some states to help
alleviate availability problems in the fields of medical malpractice and commercial
insurance.
Joint Underwriting Association: A device used to provide insurance to those who
cannot obtain insurance in the voluntary market. Certain companies (called carriers) issue
policies at one rate level and handle claims, but the ultimate costs are borne by all
companies writing insurance in that state.
Judgment Rating: Rate-making method for which each exposure is individually
evaluated and the rate is determined largely by the underwriter's judgment.
Judicial Bond: 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.
Jumbo Risk: A risk involving exceptionally high benefits.
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