J – Glossary of Terms

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Jettison:
Act of throwing overboard part of a vessel’s cargo or hull in hopes of saving a ship from sinking.

Jewelers Block Insurance:
An all risk insurance contract that provides jewelers with coverage to losses which they would be exposed.

Joint and Several Liability:
The legal principle that permits an injured party to recover the entire amount of compensation due for injuries regardless of the degree of that party’s negligence.

Joint-and-Survivor Annuity:
An annuity that provides income periodically, payable during the longer lifetime of two persons.

Joint Underwriting Association:
A device used to provide insurance to those who cannot obtain insurance in the voluntary market. Certain companies issue policies at one rate level and handle claims, but the ultimate costs are shared by all companies writing insurance in that state.

Jumping Juvenile Insurance Policy:
A life insurance policy purchased by parents for children under a specified age.
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