Joint Life: Joint Life is a life insurance policy written on more than one life. The death benefit is payable upon the death of the first person to die. If the death benefit is payable upon the death of the last insured, it is called either survivorship or second-to-die. (Also see Survivorship.)
Jumbo Limit: Jumbo limit is the total portfolio face amount in which a primary insurer may participate. In other words, a primary insurer can issue a policy for some portion of the total portfolio so long as the inforce and applied for amounts do not exceed this jumbo limit (i.e., if an applicant already has inforce or already has applied for more than the jumbo limit, then the primary insurer is actually precluded by their reinsurance treaties from participating in the portfolio).