Life Insurance Glossary
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Life Insurance Glossary

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Glossary of Definitions - J

Joint and Survivor Option
A life insurance settlement option that allows the beneficiary to have the death proceeds paid out in the form of a joint and last survivor annuity.

Joint Plan
A life insurance plan that insures two or more lives and pays proceeds at the time of the first death.

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.

(some definitions taken from the National Association of Insurance Commissioners' Life Insurance Buyers Guide)

 

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