jet screening
The process of evaluating simple
applications for insurance as quickly as possible according to
strictly defined underwriting criteria.
joint and survivor
annuity
An annuity under which a series of payments is made
to two or more annuitants. The annuity payments continue until both
or all of the annuitants have died. Also called a joint and last
survivorship annuity.
joint and survivorship option
A life insurance
settlement option under which payments will be made to two or more
payees. These payments will continue until both or all the named
payees are deceased.
joint credit life insurance
Credit life insurance that
pays the full benefit amount to a lender upon the death of any of
the cosigners of a loan.
joint life and last survivor option (JL&S)
In
Canada, a pension plan provision which provides for the continuation
of pension benefits to the spouse of a retired plan participant
after the death of the participant. The survivor's benefits, which
usually are not as large as the original benefits, continue until
the death of the spouse. The provision is required in most Canadian
jurisdictions, unless the participant (with spouse approval) elects
to forego it. A very similar provision, called a qualified joint and
survivor (QJ&S) annuity, is required in the United States for
qualified pension plans.
joint whole life insurance policy
One insurance policy
that covers two lives and that generally provides for payment of the
proceeds at the time of the first insured's death.
juvenile insurance policy
A life insurance policy
purchased by an adult to cover the life of a child.
