joint insurance

joint insurance
Where two or more people with separate insurable interests in the same property insure with the same insurer under a single insurance contract. In the event of a claim, neither joint insured can recover more than their individual loss nor can the insurer subrogate against either of them. The joint insurance policy recognises a relationship between the joint insureds and will usually anticipate how their insured losses will be apportioned and calculated.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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  • joint tortfeasors — two or more persons responsible for a tort. Courts have power to allocate responsibility among the joint tortfeasors, but each is wholly and severally liable to the victim. Collins dictionary of law. W. J. Stewart. 2001. joint tortfeasors …   Law dictionary

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  • joint and last survivor annuity — Insurance. an annuity payable until the death of the last of two or more designated persons, though sometimes with reduced amounts after the first such person dies …   Useful english dictionary

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  • insurance — /in shoor euhns, sherr /, n. 1. the act, system, or business of insuring property, life, one s person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a… …   Universalium

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

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