We hope that our extensive glossary of common (and some not-so-common)
insurance terms and phrases proves helpful to you! Simply start
below by choosing the first letter of the word or phrase you want to
learn more about.
A - B - C - D - E - F - G - H - I - J - K - L - M
N - O - P - Q - R - S - T - U - V - W
JOINT AND SURVIVOR ANNUITY - An annuity with two
annuitants, usually spouses. Payments continue until the death
of the longest living of the two.
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JOINT UNDERWRITING ASSOCIATION / JUA - Insurers which
join together to provide coverage for a particular type of risk or size of
exposure, when there are difficulties in obtaining coverage in the regular
market, and which share in the profits and losses associated with the program.
JUAs may be set up to provide auto and homeowners insurance and various commercial
coverages, such as medical malpractice. (See Assigned
risk plans; Residual
market)
JUNK BONDS - Corporate bonds with credit ratings
of BB or less. They pay a higher yield than investment grade bonds because
issuers have a higher perceived risk of default. Such bonds involve market
risk that could force investors, including insurers, to sell the bonds when
their value is low. Most states place limits on insurers’ investments
in these bonds. In general, because property/casualty insurers can be called
upon to provide huge sums of money immediately after a disaster, their investments
must be liquid. Less than 2 percent are in real estate and a similarly small
percentage are in junk bonds. |
