J

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.

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.

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.

Junk Bonds. See Non-Investment-Grade Securities.