jet unit underwriting

A method used to organize underwriting work that establishes a group of two to four employees who screen insurance applications and approve for immediate policy issue those applications that meet certain well-defined criteria. Similar method also used for organizing the work of the claim area.

joint and survivor annuity

An annuity under which the insurer agrees to make a series of benefit payments to two or more individuals until both or all of the individuals die. Also known as joint and last survivorship annuity.

joint life annuity

A type of annuity contract that covers more than one life and pays benefits until one of the covered people dies.

joint life insurance

Insurance policies that offer benefits for two or more lives, payable on the first death, the second death, or upon each death. Also known as first-to-die life insurance and joint-and-last survivor insurance.

joint venture

A type of partnership arrangement between two otherwise independent businesses that agree to undertake a specific project together for a specified time period.

joint whole life insurance

See joint life insurance.

journal entry

See accounting entry.

jumbo limit

In reinsurance, the maximum allowable dollar amount of total insurance in force and applied for with all insurers on any one life that will be automatically accepted by a reinsurer. A reinsurer is not required to automatically accept a risk that exceeds its jumbo limit and thus can reduce the likelihood of becoming over-exposed to mortality risk on any one individual life. See also automatic binding limit.

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.