Insurance Information
Joint-and-Several Liability
Liability arising from a contract or from a tort that applies to the responsible persons either separately (severally) or in combination (jointly), at the injured person's option. If a group of persons who default on an obligation or cause a loss are held jointly and severally liable either by terms of the contract or by operation of law, the claimant may sue either the group or any one member for the entire amount owed. This is a way to compensate an injured person if, for example, one or more liable persons are bankrupt or flee the jurisdiction.

Joint Tenants
A form of joint property ownership with right of survivorship, i.e., in which the survivors automatically own the share of a deceased co-owner.

Judicial Bond
A general term applied to all bonds filed with a court. Examples are appeal bond, bail bond, court bond, defendant's bond to dissolve, fiduciary bond, financial guaranty bond, injunction bond, plaintiff's bond to secure, plaintiff's replevin bond, security for expenses.

Jumbo Risk
A risk involving exceptionally high benefits.