Definitions

adjustment

Agricultural Adjustment Administration (AAA)

New Deal program to restore U.S. agricultural prosperity during the Great Depression. Established by an act of Congress in 1933, the AAA sought to curtail farm production of certain staples, in order to raise prices. It also established the Commodity Credit Corp., to make loans to farmers and to purchase and store crops in order to maintain farm prices. The program had limited success before it was declared unconstitutional in 1936.

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Adjustment (from late Latin 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 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 adjusters, who make the subject their profession. In Great Britain they are for the most part members of the Average Adjusters' Association (1870), 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. For more information see: General average, and Marine Insurance.

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