Glossary of Financial Terms

Joint-and-Last Survivor Annuity – A type of annuity where income is payable during the lifetimes of two or more annuitants and continues until the death of the last survivor.

Joint-and-Last-Survivorship Option – When paying out the proceeds of an insurance policy, payments continue until the death of the last survivor of two persons.

Junior Mortgage – A lien that is below that of another mortgage. The holder of a junior mortgage can usually be satisfied only after a more senior lender is paid off. Thus, the interest rate on a junior mortgage is usually higher.

Joint Venture – Two or more businesses that have joined together under a contractual agreement to conduct a business enterprise with both parties sharing profits and losses. The venture is for one specific project only, rather than for a continuing strategic alliance.

Joint Petition – A bankruptcy petition that is filed together by a husband and wife.

Joint account – Agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities, or an account owned jointly by two or more persons at a bank or brokerage house.

Joint and survivor annuity – Type of annuity opened by and intended for two people, that makes payments for the entire lifetime of both beneficiaries, even if one of them dies.

Joint tax return – A tax return that is filed by two people (usually spouses.)

Joint tenants with right of survivorship – In the case of a joint account, on the death of one account holder, ownership of the account assets is transferred to the remaining account holder or holders.

Joint venture – An agreement between two or more firms to undertake the same business strategy and plan of action.

Jumbo certificate of deposit - A certificate of deposit in increments of 0,000.

Jumbo loan – Loans of billion or more. Or, loans that exceed the statutory size limit eligible for purchase or securitization by the federal agencies.

Just-in-time inventory systems – Systems that schedule materials to arrive exactly when they are needed in the production process.

Justified price – The fair market price of an asset.