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Insurance Glossary

Insurance terms and definitions from Liebler Agency Inc.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Liebler Agency Inc today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
JOINT AND SURVIVOR ANNUITY
An annuity with two annuitants, usually spouses. Payments continue until the death of the longest living of the two.

JOINT UNDERWRITING ASSOCIATION / JUA
Insurers which join together to provide coverage for a particular type of risk or size of exposure, when there are difficulties in obtaining coverage in the regular market, and which share in the profits and losses associated with the program. JUAs may be set up to provide auto and homeowners insurance and various commercial coverages, such as medical malpractice

JUNK BONDS
Corporate bonds with credit ratings of BB or less. They pay a higher yield than investment grade bonds because issuers have a higher perceived risk of default. Such bonds involve market risk that could force investors, including insurers, to sell the bonds when their value is low. Most states place limits on insurers’ investments in these bonds. In general, because property/casualty insurers can be called upon to provide huge sums of money immediately after a disaster, their investments must be liquid. Less than 2 percent are in real estate and a similarly small percentage are in junk bonds.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

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Marlette Office
3521 VanDyke Road, Suite B
Marlette, MI 48453
PH: 989-635-6800 or
888-455-9922
North Branch
3789 Huron Street
North Branch, MI 48461
PH: 810-688-3077 or
888-689-9915
Brown City
4232 Main Street
Brown City, MI 48416
PH: 810-346-2738 or
800-242-5645
Yale
100 S. Main Street
Yale, MI 48097
PH: 810-387-4214 or
800-530-7499
Imlay City
172 N Cedar Street
Imlay City, MI 48444
PH: 810-724-8600 or
866-724-8979
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