An annuity purchased in the names of two people and paid to them until one dies. At the time that one person dies, the annuity is terminated.
Insurance Encyclopedia
Joint beneficiary
Individual legally entitled to share in the proceeds of an insurance policy.
Joint Cargo Committee
A joint committee of Lloyd’s and the IUA (insurance companies) concerned with the general welfare of marine cargo insurance and the Institute Cargo Clauses. It makes recommendations to the market to provide a framework for the underwriting of cargo business.
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A committee of Lloyd’s and Insurance Company underwriters which discusses problems relating to marine cargo insurance makes recommendations to the market.
Joint Commision, The
Formerly Joint Commission on Accreditation of Healthcare Organizations (JCAHO). Established in 1951 as Joint Commission on Accreditation of Hospitals (JCAH). It is a not-for-profit accrediting body for clinics, hospitals, and other federal and military facilities. The Joint Commission reviews the policies, patient records, credentialing procedures, and quality assurance programs of the facility. When the Joint Commission awards official approval, it means the quality and high standards of the facility have been met after their scrutiny. This is the goal of every facility that goes through the process about every 3 years.
Joint Commission on Accreditation of Healthcare Organizations (JCAHO)
See: Joint Commission, The Joint Commission on Accreditation of Hospitals (JCAH)In 1913, the year of its founding, the American College of Surgeons appointed Codman to chair a committee on hospital standardization and to establish the College’s standardization program. This endeavor represents an integral part of the College’s history because it ultimately evolved into the Joint Commission on Accreditation of Hospitals in 1951 and the Joint Commission on Accreditation of Healthcare Organizations in 1987. See: Joint Commission, The .
Joint consent
Written agreement by a covered entity giving sanction to use the approval of another covered affiliated entity.
Joint Contracts Tribunal (JCT)
A company concerned for over 70 years with producing suites of standard contracts and guidance notes for the construction industry. JCT has nine constituent bodies representing the key professions and associations from both the public and private sectors. The contracts range from simple house extensions through to major public construction projects. See JCT CLAUSE 21.2.1. NON-NEGLIGENT COVER. (Visit www.jct.co.uk).
Joint Control
Control of the handling of an estate by both the Surety (bonding company) and the Fiduciary (administrator, executor, etc.). Funds are kept in joint accounts, and disbursements made only with both signatures so the Surety can assure itself that the affairs of the estate are being handled properly.
Joint control (Estate)
Control of the items that make up an estate by a bonding company, also known as a surety, and an administrative party, such as an executor, known as the fiduciary. Any funds are put in joint accounts and dispensed only with the consent of both the surety and the fiduciary.
Joint credit life insurance
Type of credit life insurance that pays a full benefit amount to a lender on the death of any of the cosigners of a loan.