Insurance Glossary

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Glossary : J

Joint and Survivor Option A life insurance settlement option that allows the beneficiary to have the death proceeds paid out in the form of a joint and last survivor annuity. Joint Plan A life insurance plan that insures two or more lives and pays proceeds at the time of the first death. Jumbo Risk A risk involving exceptionally high benefits. Jumping Juvenile Insurance Policy Life insurance purchased by parents for children under a specified age. Provides permanent life insurance that increases in face value five times at age twenty-one with no increase in premium.