JAMB – The vertical surface that lines the opening in a wall left for a door or window.
JEOPARDY – Risk; danger
JOINT-AND-SEVERAL LIABILITY – 1) A legal principle that permits the injured party in a TORT action 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; 2) a CREDITOR can demand full repayment from any and all of those who have borrowed. Each borrower is LIABLE for the full DEBT, not just the PRO-RATED share.
JOINT-AND-SURVIVOR ANNUITY – A CONTRACT that provides INCOME periodically, payable during the longer lifetime of two persons. The amount payable may decrease at the death of one or the other. See also CONTINGENT ANNUITY OPTION
JOINT TENANCY WITH RIGHTS OF SURVIVORSHIP – A form of CONCURRENT OWNERSHIP available to two or more NATURAL PERSONS in which each owner has an equal undivided interest in the PROPERTY during his or her lifetime. At the death of one of the owners, his or her interest automatically passes to the surviving JOINT TENANTS.
JOINT TENANTS – A form of joint property ownership with RIGHT OF SURVIVORSHIP where the survivors automatically own the share of a deceased co-owner.
JOINT UNDERWRITING ASSOCIATION (JUA) – 1) A device used to provide INSURANCE to those who cannot obtain insurance in the VOLUNTARY MARKET. Certain companies (called carriers) issue POLICIES at one rate level and handle CLAIMS, but the ultimate costs are borne by all companies writing INSURANCE in that state; 2) one of several types of shared market mechanisms used to make AUTOMOBILE INSURANCE available to persons who are unable to obtain such insurance in the regular market. JUAs also have been created in some states to help alleviate availability problems in the fields of medical malpractice and commercial INSURANCE.
JOINT VENTURE – An agreement between two or more parties who invest in a single business or PROPERTY.
JOISTS – The heavy horizontal members to which the boards of a floor, the LATH or a ceiling are nailed.
JUDGMENT – Based on a civil suit, a decision by a court that one party is legally indebted to another. When the JUDGMENT is recorded, it creates a JUDGMENT LIEN against the PROPERTY of the DEBTOR.
JUDGMENT CREDITOR – One who has received a court decree or JUDGMENT for money due from the JUDGMENT DEBTOR.
JUDGMENT DEBTOR – One against whom a JUDGMENT has been issued by a court for money owed and that remains unsatisfied.
JUDGMENT LIEN – The CLAIM upon the PROPERTY of a DEBTOR resulting from a JUDGMENT.
JUDGMENT RATING – Rate-making method for which each exposure is individually evaluated and the RATE is determined largely by the UNDERWRITER’S assessment.
JUDICIAL BOND – Type of SURETY BOND used for court proceedings and guaranteeing that the party BONDED will fulfill certain obligations specified by law, for example, FIDUCIARY responsibilities.
JUDICIAL FORECLOSURE – Having a DEFAULTED DEBTOR’S PROPERTY sold where the court ratifies the price paid. Contrast with STATUTORY FORECLOSURE.
JUMBO RISK – A RISK involving exceptionally high BENEFITS.
JUMPING JUVENILE INSURANCE POLICY – LIFE INSURANCE purchased by parents for children under a specified age. Provides permanent LIFE INSURANCE that increases in face value five times at age twenty-one with no increase in PREMIUM.
JUNIOR DEED OF TRUST – Also known as JUNIOR MORTGAGE – Any MORTGAGE or DEED OF TRUST with a lower priority than a first MORTGAGE or DEED OF TRUST.
JUNIOR LIEN – Any LIEN with a lower priority than the first LIEN.
JUNIOR MORTGAGE – Also known as JUNIOR DEED OF TRUST – Any MORTGAGE or DEED OF TRUST with a lower priority than a first MORTGAGE or DEED OF TRUST.
JURISDICTION – Geographic or topical area of authority for a specific government entity.
JUST COMPENSATION – The amount paid to the owner of a PROPERTY when it is acquired under EMINENT DOMAIN.
KENNEY RULE – Concept permitting a PROPERTY LIABILITY INSURER to write $2 of new net PREMIUMS for each $1 of policy owners’ surplus.
KEY-PERSON INSURANCE – INSURANCE designed to protect a business firm against the loss of income resulting from the death or disability of a key employee.
KICKER – A payment required by a MORTGAGE in addition to normal PRINCIPAL and INTEREST.
KIOSK – An independent stand from which merchandise is sold often placed in the COMMON AREA of a REGIONAL SHOPPING CENTER.
