See: Common Account Reinsurance.
Tag: RAW
Joint and last survivorship annuity
See: joint and survivor annuity .
Joint and Several for Liability Legal
Liability under which each off several joint wrong-doers are responsible either on a combined, undivided basis, or on an individual basis, for the full amount of damages for which the several wrong doers are collectively responsible.
Joint and Several Liability
A judgment obtained against multiple tort feasors that may be enforced against the tort feasors collectively or individually; permits the injured party 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.
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A legal doctrine whereby a creditor or claimant may demand payment or sue one or more of the parties separately, or all of them together.
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MEDICAL,USA: Legality that holds a defendant responsible for the full award in a medical liability case if the other defendants are not able to pay their share apportioned by fault.
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UK,REFERENCE: See: joint tortfeasors.
Joint and survivor annuity
Annuity in which a series of payments is given to two or more annuitants until their deaths. Also called joint and last survivorship annuity .
Joint and survivorship option
Life insurance settlement choice in which payments are made to two or more payees until their deaths.
Joint and survivorship option (Life Insurance)
An option within a life insurance policy that allows the value of the policy to be disbursed in a joint and survivorship annuity.
Joint annuity (Life Insurance)
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.
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.