A form of property ownership wherein at least two people are equal owners. If one should die, the other assumes total ownership.
Insurance Encyclopedia
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 tortfeasors
Two or more persons who are jointly and severally liable for the same tort. It means that the claimant can sue both (or all) of them or recover the whole of amount of any one regardless of the extent to which each participated. A tortfeasor held wholly liable for the damage has a right of contribution from other tortfeasors liable for the same injury/damage (Civil Liability (Contribution) Act 1978). Vicarious liability is a principal instance of joint tortfeasors.
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.
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An association comprised of insurance companies, which exists to provide a type of insurance to the general public. The individuals who insure under this kind of association pay the usual premiums as well as assessments. The money generated by the assessments funds the association’s operating costs.
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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 (JUA)
Insurance pools representing all insurers in a state, usually designed to handle higher risk insureds. A few servicing carriers act on behalf of all the insurers, issuing policies, receiving fees, and handling claims. They are reimbursed for losses and receive fees from the JUA to cover operating costs.
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Unincorporated association of Insurers formed to provide a particular type of Insurance often not readily available in the voluntary market. Those insured by a UA pay assessments in addition to their premiums to pay for the operation of the association.
Joint Venture
A form of business partnership involving joint management and the sharing of risks and profits between enterprises sometimes based in different locations.
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A venture in which two businesses join together to share risk or expertise on a specific project or group of projects.
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MEDICAL,USA: Short-term business partnership of two or more entities.
Joint whole life insurance policy
Type of life insurance agreement that gives coverage to two lives and provides for payment of the proceeds at the time of the first insured’s death.
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-survivor option (Annuities)
An option available within an annuity contract, which offers a guaranteed income to the annuitant. Once the annuitant is deceased, his or her beneficiary is provided an income.
Joisted Masonry Construction
A building which has exterior walls constructed of masonry materials such as adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile or other similar materials and a roof and floor constructed of combustible materials. A floor which rests directly on the ground is an exception and may be disregarded.