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Insurance Glossary

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Jacket
Outer Covering containing an Insurance Policy. Normally it furnishes brief details of coverage, exclusions, conditions etc relating to the insurance cover granted.

Jackup Rig
In relation to energy risks, an offshore drilling structure with tubular or derrick legs that support the deck and hull. When positioned over the drilling site, the bottoms of the legs rest on the seafloor. A jackup rig is towed or propelled to a location with its legs up. Once the legs firmly positioned on the bottom, the deck and hull height are adjusted and leveled.

Jettison
Throwing overboard of a cargo. A step resorted to by the captain of the vessel to save the vessel and/or other interests in the vessel in time of common peril. Claim for loss of cargo so jettisoned is recoverable under the marine insurance policy subject to any of the Institute Cargo Clauses as long as the common peril is an insured peril.

Jan Arogya Bima policy
Policy specially designed to provide cheap medical insurance coverage to poorer sections of the society. The coverage is broadly along the lines of the mediclaim policy for individuals. Individuals and their family members can be covered. Age limit is 5 to 70 years. Children between the age of 3 months and 5 years can be covered provided one or both parents are covered concurrently. Sum Insured per person is Rs.5000.

Janata Personal Accident Insurance (Group)
Policy exactly similar to the Janata Personal Accident Insurance Policy for Individuals issued for a group of persons in the same manner as in the case of a group personal accident insurance policy

Janatha Personal Accident Insurance (J.P.A)
An accident insurance cover specifically for the rural people and the common man. Covers death AND permanent total disablement due to accidents Minimum and Maximum Capital Sum Insured is Rs.25000 and Rs.1 lakh respectively. Long term cover up to 3 - 5 years also are provided with a discount on the cumulative premium.

Jewellers Block Policy
An insurance package for the needs of the jewellers. The policy covers
Stock-in trade of jewellers kept in the premises
The stock whilst in the custody of the partners/employees and the insured's agents
The stock whilst in transit by insured post parcel, air freight and through angadias/couriers as also
The office furniture, fixtures and fittings in the premises and safes at residence of concerned persons.
against fire and allied perils, burglary and theft. The policy can be further extended to cater to any other specific needs of the jewellers.

Joint Account XL Covers
Also called Common Account XL Covers which are arranged to protect both retained quota and reinsured quota on each and every risk. This arrangement is also called "Reinsurance for Joint Account (RFJA)

Joint and Several Liability
A legal term used in the definitions of liability , meaning that a decree in a court of law, if made joint and several, may be enforced against all the parties sued against or against any one of them separately.

Joint Cargo Committee
A committee formed by the Lloyds and Company Underwriters to deliberate on issues concerning cargo insurance and to make recommendations for uniform implementation.

Joint cargo Survey
A joint survey attended by the surveyor of the carrier and the surveyor appointed by the cargo owner/cargo underwriter in case of a loss to cargo.

Joint Hull committee
A committee formed by the Lloyds and Company underwriters to deliberate on issues concerning Marine Hull Insurance and to make recommendations on premium rates policy terms and conditions for uniform implementation.

Joint Hull Survey
A joint survey conducted by the surveyor appointed by the insured and the surveyor appointed by the insurer in case of an accident to the insured vessel resulting in a claim under the policy. Surveyor from the classification society may also participate in the survey in case the class of the vessel is to be certified after repairs to the vessel.

Joint Hull Understandings
Understandings reached among the Hull Underwriters in the London Market with a view ensure uniformity of approach on principles and practices concerning Hull Insurance

Journal Entry and Journal Book
Every accounting is made by a double entry i.e. debiting one account and crediting another account. For some of the major items, a separate book is maintained to record the transactions like cash book, purchases book, sales book etc. In the case of an insurance company the same could be premium registers, claim registers, commission register etc. All these books will serve the purpose of a journal entry for debiting or crediting the account head for the total of the transactions. Apart from these books, there could be other transactions which are accounted by passing journal entries for each transaction. Such journal entries are entered in Journal Book.

Judgement
Determination of a court of competent jurisdiction upon matters submitted to it

Judgement by Default
Judgement delivered in a court in the absence of one of the parties to the litigation, either plaintiff or defendant.

Judgment Rating
Rate-making method for which each exposure is individually evaluated and the rate is determined largely by the underwriter's judgment.

Just Compensation
Full Indemnity by the insurer for the loss sustained by the insured.
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