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Encyclopedia Britannica



ADJUSTMENT (from late Lat. ad juxtare, derived from juxta, near, but early confounded with a supposed derivation from justus, right)

This article appears in Volume V01, Page 193 of the Encyclopedia Britannica.

Encyclopedia Britannica - Main :: ADA-AIZ
ADJUSTMENT (from late Lat. ad juxtare, derived from juxta, near, but early confounded with a supposed derivation from justus, right) , regulating, adapting or settling; in commercial law, the
settlement
  of a loss incurred at sea on insured goods. The calculation of the amounts to be made good to and paid by the several interests is a complicated matter. It involves much detail and arithmetic, and requires a full and accurate knowledge of the principles of the subject. Such adjustments are made by men called adjusters, who make the subject their profession. In
Great
  Britain they are for the most
part
  members of the
Average
  Adjusters' Association (187o), a
body
  which has done much careful
work
  with a view to making and keeping the practice uniform and in
accord
  with right principles. This association has gradually formulated, at their annual meetings, a
body
  of
practical
  rules which the individual members undertake to observe. (See
AVERAGE
  and
INSURANCE
 , Marine.)


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