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COMMONLY USED TERMS AND ACRONYMS IN GENERAL INSURANCE 

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Jettison :: Hazard covered under a marine cargo policy which is defined as the throwing overboard of cargo to preserve property from loss.

 

Jeweler’s Block Insurance :: Coverage designed to protect the insured stock property left with insured for repair or other purposes, and the insured’s interest in and legal liability for property on consignment from others in the jewelry trade.

 

Joint-and-Several Liability :: A legal principle that permits the insured party in a tort action to recover the entire amount of compensation due for injuries from any defendant who is able to pay, regardless of the degree of that party’s negligence, once any liability by that defendant has been established.

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