LOMA Glossary

The LOMA Glossary of Insurance and Financial Services Terms

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jet unit underwriting. Within an insurance company, a work team authorized to approve certain types of individual insurance applications for immediate policy issue.

joint and survivor annuity. An annuity that provides periodic income payments to two or more annuitants. The periodic income payments are based on the life expectancies of the annuitants and continue until both or all of the annuitants have died. See also annuitant.

joint life insurance. See joint whole life insurance.

joint mortgage life insurance. A variation of mortgage life insurance that provides the same benefit as a mortgage life insurance policy except the joint policy insures the lives of two people.

joint venture. An arrangement between two otherwise independent businesses that agree to undertake a specific project together for a specified time period.

joint whole life insurance. A plan of whole life insurance that has the same features and benefits as individual whole life insurance, except that it insures two or more people under the same policy. The proceeds are typically paid when the first of two (or more) insureds covered by the policy dies. However, proceeds may be payable on the first death, the second death, or upon each death. Often referred to as first-to-die life insurance or joint life insurance.

jumbo limit. In automatic reinsurance, the maximum allowable monetary amount of total insurance—currently in force plus yet-to-be placed—with all companies on any one life that will qualify for automatic cession. Jumbo limits for automatic cessions control the reinsurer’s exposure to risk on any one life. See also automatic reinsurance.

juvenile insurance policy. An insurance policy that is issued on the life of a child but is owned and paid for by an adult, usually the child’s parent or legal guardian.

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