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Word
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Definition
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Joint and Several Liability
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Joint and Several Liability: The imposition of liability upon two or more parties, each of whom may be held liable for all or a portion of the loss.
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Joint and Survivor Benefits
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Joint and Survivor Benefits: Annuitized payments that provide a guaranteed monthly payment for the rest of a person's lifetime and that ensure income to a surviving spouse.
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Joint Underwriting Association (JUA)
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Joint Underwriting Association (JUA): An organization of insurers operating within a particular state that have joined together to form a pool to absorb the high-risk automobile insurance business. Losses and expenses are shared on a pro rata basis.
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Junk Bonds
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Junk Bonds: See Non-Investment-Grade Securities.
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