adjustment

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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 ?
Obama's spending reduction proposal counts $290 billion in interest among spending reductions, and does not count an estimated $90 billion in increases in revenue from cost of living adjustments, hence the different numbers.
Therefore, the IRS held, the series of payments provided under Option X do not vary on account of cost of living adjustments, and thus, payments made under the Contracts pursuant to Option X are not "substantially equal periodic payments" within the meaning of Section 72(q)(2)(D).
The IRS has unveiled cost of living adjustments applicable to dollar limitations for pension plans and other items, for tax year 2006.
The IRS has released cost of living adjustments for pension plans and other items for tax year 2005.
Massachusetts voters previously eliminated rent control throughout the state in a 1994 referendum, but resident advocates had placed a proposal on the November ballot that, if passed (and if it had been approved by the state legislature), would have frozen Cambridge rents at September 2002 levels before lowering them to the February 1999 level with inflation and cost of living adjustments. The lopsided vote (62 percent against, 38 percent for) in a city known as a former rent control stronghold reflects the industry's success over the past nine years in preserving a free market for rental housing in Massachusetts.