What is the Definition of Joint Underwriting Association/Jua?

What is the Definition of Joint Underwriting Association/Jua?

Insurers that join together to provide coverage for a particular type of risk or size of exposure, when there are difficulties in obtaining coverage in the regular market, and which share in the profits and losses associated with the program. JUAs may be set up to provide auto and homeowners insurance and various commercial coverages, such as medical malpractice. (See Assigned risk plans; Residual market)

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Joint Underwriting Association/Jua?

What is the Definition of Joint Underwriting Association/Jua?

You can find random definition and meaning of insurance terms below:


Meaning of Federal Funds in Insurance Terms

Reserve balances that depository institutions lend each other, usually on an overnight basis. In addition, Federal funds include certain other kinds of borrowing by depository institutions from each other and from federal agencies.


Meaning of Federal Insurance Administration/Fia in Insurance Terms

Federal agency in charge of administering the National Flood Insurance Program. It does not regulate the insurance industry.


Meaning of Federal Reserve Board in Insurance Terms

Seven member board that supervises the banking system by issuing regulations controlling bank holding companies and federal laws over the banking industry. It also controls and oversees the U.S. monetary system and credit supply.


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