adjustment

(redirected from Cost Of Living Adjustment)
Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Encyclopedia.
Related to Cost Of Living Adjustment: inflation rate, Cost of living index

adjustment

noun abatement of differences, accommodatio, accommodation, accord, accordance, adaptation, agreement, arrangement, attunement, bargain, binding agreement, coaptation, compact, composition, concurrence, conformance, conformation, congruence, congruity, consistency, contract, correction, covenant, disposition, harmony, mutual concession, mutual understanding, negotiation, pact, reconciliation, rectification, regulating, stipulation, terms, understanding, uniformity
Associated concepts: adjusted basis, adjusted reserves, addustment of contracts, adjustment of loss, adjustments in wills
See also: accord, accordance, agreement, amendment, arbitration, arrangement, change, collection, collective bargaining, compact, compatibility, compromise, conciliation, conformity, correction, determination, disposition, expiation, habituation, indemnification, justification, management, mediation, mitigation, modification, order, payment, reconciliation, regulation, rehabilitation, repair, reparation, restitution, settlement, treatment, understanding

adjustment

1 the computation of the amount due to an insured and the fixing of the proportion to be borne by the underwriters.
2 in Scottish civil procedure, the changing of the writ or defences before the record is closed.

See also ADJUSTMENT OF PRIOR TRANSACTIONS.

ADJUSTMENT, maritime law. The adjustment of a loss is the settling and ascertaining the amount of the indemnity which the insured after all proper allowances and deductions have been made, is entitled to receive, and the proportion of this, which each underwriter is liable to pay, under the policy Marsh. Ins. B. 1, c. 14, p. 617 or it is a written admission of the amounts of the loss as settled between the parties to a policy of insurance. 3 Stark. Ev. 1167, 8.
     2. In adjusting a loss, the first thing to be considered is, how the quantity of damages for which the underwriters are liable, shall be ascertained. When a loss is a total loss, and the insured decides to abandon, he must give notice of this to the underwriters iii a reasonable time, otherwise he will waive his right to abandon, and must be content to claim only for a partial loss. Marsh. Ins. B.1, c.3, s.2; 15 East, 559; 1 T. R. 608; 9 East, 283; 13 East 304; 6 Taunt. 383. When the loss is admitted to be total, and the policy is a valued one, the insured is entitled to receive the whole sum insured, subject to such deductions as may have been agreed by the policy to be made in case of loss.
     3. The quantity of damages being known, the next point to be settled, is, by what rule this shall be estimated. The price of a thing does not afford a just criterion to ascertain its true value. It may have been bought very dear or very cheap. The circumstances of time and place cause a continual variation in the price of things. For this reason, in cases of general average, the things saved contribute not according to prune cost, but according to the price for which they may be sold at the time of settling the average. Marsh. Ins. B. 1, c. 14, s. 2, p. 621; Laws of Wisbury, art. 20 Laws of Oleron, art. 8 this Dict. tit. Price. And see 4 Dall. 430; 1 Caines' R. 80; 2 S. & R. 229 2 S.& R. 257, 258.
     4. An adjustment being endorsed on the policy, and signed by the underwriters, with the promise to pay in a given time, is prima facie evidence against them, and amounts to an admission of all the facts necessary to be proved by the insured to entitle him to recover in an action on the policy. It is like a note of hand, and being proved, the insured has no occasion to go into proof of any other circumstances. Marsh. Ins. B. 1, c. 14, s. 3, p. 632; 3 Stark. Ev. 1167, 8 Park. ch. 4; Wesk. Ins, 8; Beaw. Lex. Mer. 310; Com. Dig. Merchant, E 9; Abbott on Shipp. 346 to 348. See Damages.

References in periodicals archive ?
The fiscal 2006 budget is balanced and defers consideration of a cost of living adjustment and any new positions until September's midyear review.
After deferring any cost of living adjustment (COLA) in fiscal 2004, the county is awarding a 3% COLA for fiscal 2005 at a total cost of $18.
Goebel said such purposeful disregard of a critical cost of living adjustment constitutes illegal de facto termination of benefits.
The fiscal 2005 budget is balanced, and provides a 3% cost of living adjustment, defers consideration of any new position until September's mid-year review, and is based on preliminary TAV of almost $185 billion (up more than 4% from the previous year).
Labor relations are characterized as good; negotiations were recently settled for a 0% cost of living adjustment and an increase to health benefits.
7 million revenues and expenditures, with county commissioners deferring a 3% cost of living adjustment (COLA)to the start of fiscal 2005.