Glossary of Insurance Related Terms

Joint and Survivor Option

A life insurance settlement option that allows the beneficiary to have the death proceeds paid out in the form of a joint and last survivor annuity.

Joint and Survivorship Annuity

An annuity which is payable to the named annuitants during the period of their joint lives which will continue to the survivor when the first annuitant dies. (LI)

Joint and survivorship option

A life insurance settlement option under which payments will be made to two or more payees. These payments will continue until both or all the named payees are deceased.

Joint Beneficiaries

Parties that share in any death benefits payable under the life insurance policy or annuity contract. If no beneficiary has been named on the policy, the benefits usually pass directly to the estate of the deceased owner, and thereby fail to avoid probate.

Joint Insurance

Insurance written on two or more persons with benefits usually payable only at the first death. (LI)

Joint Life and Survivorship Annuity

A contract which provides income to two or more people and continues in force as long as any one of them survives. (LI)

Joint Life Annuity

This policy pays a benefit which continues throughout the joint lifetime of two people but terminates at the first death. (LI)

Joint Life Insurance

Insurance written on two or more persons with benefits usually payable only at the first death. (LI)

Joint Plan

A life insurance plan that insures two or more lives and pays proceeds at the time of the first death.

Joint whole life insurance

One insurance policy that covers two lives and that provides for payment of the proceeds at the time of the first insured’s death.

Jumbo Risk

A risk involving exceptionally high benefits.

Jumping Juvenile

A popular name for a Life Insurance contract written on the life of a child, usually in units of $1,000. When the child reaches a prescribed age, generally 21, the face of the policy is increased automatically without the imposition of either an additional premium charge or a medical examination. Hence the term "jumping" juvenile. (LI)

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.

Juvenile Insurance

Life insurance written on a child. (LI)