Glossary

Joint mortgage protection insurance is a decreasing term life insurance policy that insures two people and provides coverage for the unpaid balance of a mortgage. A joint mortgage protection insurance policy limit decreases monthly based on the remaining principal due on the mortgage. A joint mortgage protection insurance policy benefit is paid upon the first death, and the survivor usually has the right to apply for his or her own cash value policy without proof of insurability.

A joint operating agreement (JOA) is a contract that sets forth the duties and obligations of both the operator and nonoperating working interest owners of a mineral lease. The JOA serves several purposes, including identifying the property interests of the parties in the mineral lease, designating the party that is to act as operator, and setting forth the method for sharing expenses and for the allocation of liability for the oil and gas exploration and production operations.

A joint underwriting association (JUA) is a nonprofit risk-pooling association established by a state legislature in response to availability crises as respects certain kinds of insurance coverage. For example, a number of states have established JUAs to provide medical malpractice insurance for physicians who are unable to obtain affordably priced insurance coverage in the standard marketplace.

A joint venture (JV) is a business relationship in which two or more persons combine their labor or property for a single undertaking and share profits and losses equally, or as otherwise agreed. General liability policies normally do not cover liability arising from joint ventures unless they are scheduled as an insured. A manuscript endorsement can sometimes be added to handle this exposure. Otherwise, specific coverage arrangements must be made whenever the insured becomes involved in a joint venture.

Joisted masonry construction is one of six building construction categories established by Insurance Services Office, Inc. (ISO), in its Commercial Lines Manual (CLM) for purposes of developing rates for insuring commercial property, based on susceptibility to damage by fire. The CLM description of joisted masonry construction, followed by the associated ISO construction code, is exterior walls of masonry material (adobe, brick, concrete, gypsum block, hollow concrete block, stone, tile, or similar materials), with combustible floor and roof (Construction Code 2). The construction code indicates the ranking of this building construction category within the six categories, with 1 as the least fire-resistive and 6 as the most fire-resistive.

The Jones Act provides seamen with a negligence remedy for on-the-job injury without having to overcome employer defenses of assumption of the risk or fellow servant liability. Contributory negligence of the employee does not bar recovery, but recovery is reduced by the proportion of negligence attributable to the employee. Employers can obtain coverage under a standard workers compensation policy by purchasing a maritime coverage endorsement.

Judgmental immunity is an immunity from professional liability claims that lawyers enjoy when they commit errors in judgment during the course of litigation. Accordingly, an assertion that, for example, a lawyer utilized improper trial tactics or employed what turns out to be an ineffective defense strategy (e.g., allowing a criminal defendant to testify on their own behalf, which may or may not be advantageous, depending on the circumstances) is generally insufficient to support a cause of action for professional liability. However, judgmental immunity does not shield a lawyer from liability if the errors are so egregious that they clearly fall below the requisite, minimum required standard of care (e.g., failing to call a crucial witness or neglecting to introduce a significant piece of evidence).

Judgment rates are charges for insurance premium that are established by judgment of an underwriter rather than by a rating authority. Judgment rates are used most often for those lines of insurance for which there are not enough similar exposure units to to develop statistically credible rates.

A jumbo risk refers to an insurance risk that exceeds an insurer's normal practices, such as underwriting, retention, or automatic reinsurance limits, because of the large amount of insurance in force, applied for, or otherwise exposed on a single insured or account. In life insurance, the term commonly refers to a proposed insured whose total coverage from all insurers, including pending applications, exceeds an insurer's jumbo limit. Jumbo risks usually require additional attention from the insurer's financial and medical underwriting, special approvals, and coordination with reinsurers before coverage can be issued.

Jumping juvenile insurance is the name used for life insurance on children that increases automatically when they reach age 21 without additional premium or proof of insurability.