Annuity on two or more lives that ceases on first death.
Tag: RAW
Joint life insurance
Life insurance policy dependent on two or more lives that becomes payable on the first death. Policies may be whole life, endowment or term. See LAST SURVIVOR INSURANCE.
Joint loss agreement
An endorsement that speeds up payment of insurance proceeds when there are two different carriers for the property and the boiler and machinery coverage, and there is a disagreement as to the amount of loss to be paid by each carrier.
Joint Ownership
A form of legal ownership in which two or more persons are co-owners and in which the property passes to the survivor automatically if one should die; property held jointly does not enter into a decedent’s estate for probate purposes and does not pass under will.
Joint surveys
Fire surveys undertaken by two surveyors. Where a risk is very large and shared by two or more insurers (coinsurance), the lead insurer undertakes the survey but may involve the insurer holding the next largest proportion. One insurer may survey the building and the other surveys the contents. It may also occur where a fire surveyor is accompanied by a specialist surveyor (e.g. sprinkler leakage specialist). In other instances, the company surveyor may be accompanied by the broker’s surveyor.
Joint Technical and Clauses Committee (JTCC)
Formed by the Aviation Insurance Office Association (AIOA) and Lloyd’s Aviation Underwriter’s Association (LAUA). It is mainly concerned with the drafting of wordings and clauses.
Joint Tenancy
Ownership of property shared equally by two or more parties under which the survivors assumes complete ownership. This is a different from a tenancy in comment where the heirs of a deceased party to the tenancy inherit his or her share.
Joint tenancy (Legal Terminology)
A form of property ownership wherein at least two people are equal owners. If one should die, the other assumes total ownership.
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.