The Institutes Glossary


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An offshore drilling unit with multiple legs that are lowered to the seabed to support the body of the unit, which is jacked up above the sea on the legs.
A subset of the JavaScript programming language that is used for the interchange of data.
The voluntary throwing overboard of some part of the vessel or the cargo.
Form that covers the merchandise of retail jewelers, including similar property of others in the insured’s care, custody, or control.
A formal assessment of the physical demands of a job determined through an on-site visit and guided by a comprehensive checklist of physical demands, including lifting, standing, walking, sitting, reaching, and climbing, and environmental demands.
A change in a job’s physical demands, number of duties, emotional demands, and/or hours required.
A person who helps an injured person find appropriate employment through activities, such as training to complete a job application, prepare a resume, strengthen interview techniques, and contact prospective employers.
An analysis that dissects a repetitive task, whether performed by a person or machine, to determine potential hazards if each action is not performed.
The ability to complete job applications and prepare resumes, approach a prospective employer, and communicate in interviews.
The liability of multiple defendants either collectively or individually for the entire amount of damages sought by the plaintiff regardless of their relative degree of responsibility.
Sending a new producer with a successful, experienced producer as part of the training process.
A surety term meaning that both the surety and the fiduciary control the assets of an estate.
A contract term in which two designated parties must cosign all documents related to the assets of the estate.
Liability of two or more parties in which they share responsibility for the entire obligation.
An annuity that covers two persons and provides income as long as both are alive.
Condition that addresses claim situations in which the insured’s equipment breakdown insurer and the insured’s commercial property insurer disagree on which insurer covers a loss; each insurer pays half the loss to quickly indemnify the insured; insurers then resolve their differences.
Two or more persons each having a full interest in the property. Each tenant has an insurable interest to the full extent of the property value.
A form of ownership in which two or more owners have an indivisible interest in property.
The probability that two or more events will happen together.
A concurrently owned and undivided interest in an estate that transfers to a surviving joint tenant upon the death of the other.
Two or more parties who act together to commit a tort or who commit separate torts that combine to cause an injury or loss.
A trust created by two or more persons.
Organization that designates servicing insurers to handle high-risk auto insurance business; all auto insurers in the state are assessed a proportionate share of the losses and expenses based on their percentage of the voluntary auto insurance premiums written in the state.
A business association formed by an express or implied agreement of two or more persons (including corporations) to accomplish a particular project, such as the construction of a building.
An annuity in which the insurer agrees to pay income as long as either of the two annuitants is alive.
The practice of issuing checks that name two or more payees.
A horizontal timber to which either the floor or ceiling is attached.
A class of construction that has load-bearing exterior walls made of brick, adobe, concrete, gypsum, stone, tile, or similar materials; that has floors and roofs of combustible materials; and that has a fire-resistance rating of at least one hour.
A federal statute that permits injured members of a vessel’s crew (or survivors of a deceased crew member) to sue their employer for damages due to the employer’s negligence.
A plaintiff who is eligible to bring suit under the Jones Act, as determined by applicable case law.
The first accounting record in which an organization records daily financial transactions.
A lien, in favor of the holder of a judgment, that attaches to the property of the one who owes the judgment.
A method to establish a case loss reserve based largely on experience with similar claims.
Occurs when an attorney moves for the judge to rule in favor of one party even though the verdict favored the other party. This motion is granted only if the weight of the evidence was clearly in favor of the losing party. This could occur if the jury sympathizes with a plaintiff, despite the facts.
A type of individual rate that is used to develop a premium for a unique exposure for which there is no established rate.
A method for determining insurance rates that relies heavily on the experience and knowledge of an actuary or an underwriter who makes little or no use of loss experience data.
Rating used by underwriters to rate one-of-a-kind risks.
Subjective estimates of the probability of an occurrence.
The representation of probability by means of expert input regarding the likelihood of event outcomes.
A bond posted by a plaintiff or a defendant (the principal) in a court case to protect the opposing party in the event that the principal does not prevail in the court action.
A bond that receives a BB/Ba rating or lower from one or both of the two main bond rating agencies, Standard & Poor’s or Moody’s.
A form of government by a group of military officers governing a country after seizing power.
The geographic area over which authority extends.
A particular court's power or authority to decide a lawsuit of a certain type or within a certain territory.
A condition in equipment breakdown policies that provides that the insurer will perform required inspections of boilers and other equipment on the insured’s behalf.