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Glossary
Table of Contents
Member of the Better Business Bureau
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 | Joint-and-Several Liability: A
legal principle that permits the injured party in a tort action to recover
the entire amount of compensation due for injuries from any tort feasor who
is able to pay, regardless of the degree of that party's negligence.
| Joint-and-Survivor Annuity: A
contract that provides income periodically, payable during the longer
lifetime of two persons. The amount payable may decrease at the death of one
or the other. (See Contingent Annuity Option)
| Joint Tenants: A form of joint property
ownership with right of survivorship, i.e., in which the survivors
automatically own the share of a deceased co-owner.
| Joint Underwriting Association:
One of several types of "shared market" mechanisms used to make
automobile insurance available to persons who are unable to obtain such
insurance in the regular market. JUAs also have been created in some states
to help alleviate availability problems in the fields of medical malpractice
and commercial insurance.
| Joint Underwriting Association:
A device used to provide insurance to those who cannot obtain insurance in
the voluntary market. Certain companies (called carriers) issue policies at
one rate level and handle claims, but the ultimate costs are borne by all
companies writing insurance in that state.
| Judgment Rating: Rate-making method for
which each exposure is individually evaluated and the rate is determined
largely by the underwriter's judgment.
| Judicial Bond: Type of surety bond used for
court proceedings and guaranteeing that the party bonded willl fulfill
certain obligations specified by law, for example, fiduciary
responsibilities.
| Jumbo Risk: A risk involving exceptionally high
benefits.
| Jumping Juvenile Insurance
Policy : Life insurance purchased by parents for children under a
specified age. Provides permanent life insurance that increases in face
value five times at age twenty-one with no increase in premium. |
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