Dictionary

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Jettison

A voluntary action to rid the ship of cargo in order to prevent further damage or peril.

Joint Life and Survivor Annuity

Payments are made to two annuitants with the survivor continuing to receive payments after the first annuitant dies.

Joint Life Annuity

Payments continue to two annuitants for only as long as both live. Payments stop entirely when the first annuitant dies. There is no survivorship, so monthly payments would actually be higher to the annuitants on a Joint Life Annuity than they would be on a Joint and Survivor Annuity, which pays until the last party dies.

Joint Tenancy

A form of co-ownership that gives each tenant equal interest and equal rights in the property, including the right of survivorship.

Judgment

A decision made by a court of law. In judgments that require the repayment of a debt, the court may place a lien against the debtor’s real property as collateral for the judgment’s creditor.

Judgment Lien

A lien on the property of a debtor resulting from the decree of a court.

Judicial Foresclosure

A type of foreclosure proceeding used in some states that is handled as a civil lawsuit and conducted entirely under the auspices of a court.

Jumbo Loan

A loan that exceeds Fannie Mae’s legislated mortgage amount limits. Also called a nonconforming loan.

Jumping Juvenile

Juvenile Life insurance on which the face amount increases by a multiple, usually five, of the original face amount when the insured reaches 21. Used as a marketing tool to sell Life insurance covering children, whose rates are extremely low.

Junior Lien

An obligation such as a second mortgage that is subordinate in right or lien property to an existing lien on the same property.