adjustment


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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 classic literature ?
It is oblong - some thirty feet in length and twenty-five in breadth - a shape affording the best(ordinary) opportunities for the adjustment of furniture.
Not only was White Fang adaptable by nature, but he had travelled much, and knew the meaning and necessity of adjustment.
cried Polly, longing to add a little beauty to her friend's sallow face by a graceful adjustment of the flowers.
Such an adjustment of conflicting interests as gives
Nevertheless, the late American in him was no weakling, and he (if he were a he and had a shred of existence outside of these two) compelled an adjustment or compromise between his one self that was a nightprowling savage that kept his other self sleepy of mornings, and that other self that was cultured and refined and that wanted to be normal and live and love and prosecute business like other people.
When Mr Squeers left the schoolroom for the night, he betook himself, as has been before remarked, to his own fireside, which was situated--not in the room in which Nicholas had supped on the night of his arrival, but in a smaller apartment in the rear of the premises, where his lady wife, his amiable son, and accomplished daughter, were in the full enjoyment of each other's society; Mrs Squeers being engaged in the matronly pursuit of stocking-darning; and the young lady and gentleman being occupied in the adjustment of some youthful differences, by means of a pugilistic contest across the table, which, on the approach of their honoured parent, subsided into a noiseless exchange of kicks beneath it.
His pabulum was an unquenchable belief in the Unerring Artistic Adjustment of Nature.
Every part, brain and body, nerve tissue and fibre, was keyed to the most exquisite pitch; and between all the parts there was a perfect equilibrium or adjustment.
Even to call life "activity," or to define it further as "the continuous adjustment of internal relations to external relations," as Spencer has it, Nietzsche characterises as a "democratic idiosyncracy.
Crawley and the landlord had a consultation about the new hangings, an amicable wrangle about the carpets, and a final adjustment of everything except the bill.
He had been at his loom full half an hour, thinking about this old woman, when, having occasion to move round the loom for its adjustment, he glanced through a window which was in his corner, and saw her still looking up at the pile of building, lost in admiration.
In which compensating adjustment of their noses, they were pretty much like Treasury, Bar, and Bishop, and all the rest of them.