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 operating agreement is a contract that sets forth the duties and obligations of both the operator and nonoperating working interest owners of a mineral lease.

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.

A joint venture 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.

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 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.

Judgmental immunity is an immunity from professional liability claims that lawyers enjoy when they commit errors in judgment during the course of litigation.

Judgment rates are rates that are established by judgment of an underwriter rather than by a rating authority.

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.

Jumpstart Our Business Startups (JOBS) Act, passed in 2012, is intended to facilitate "emerging growth companies" (EGCs), defined as firms with $1 billion or less in annual revenues, to raise capital and conduct initial public offerings (IPOs).