Insurance Glossary
Insurance terms and definitions
JOINT AND SURVIVOR ANNUITY
An annuity contract that covers two annuitants, typically spouses, and continues making payments until the death of the last surviving annuitant.
JOINT UNDERWRITING ASSOCIATION (JUA)
An arrangement in which multiple insurers join together to provide coverage for risks that are difficult to insure in the standard market. Participating insurers share premiums, profits, and losses associated with the program.
JUNK BONDS
Corporate bonds rated BB or lower that offer higher yields due to increased risk of default. Insurers’ investments in junk bonds are typically limited by state regulations to ensure liquidity and financial stability.
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