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Simple English definitions for legal terms
joint life policy
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A quick definition of joint life policy:
A joint life policy is a type of insurance policy that covers two or more people. If any of the insured individuals die, the policy will pay out. There are many different types of insurance policies, each with their own rules and coverage. Insurance companies use a process called rating to determine how much to charge for a policy. The Insurance Services Office is a nonprofit organization that helps the insurance industry by providing data and tools.A more thorough explanation:
A joint life policy is a type of life insurance policy that covers two or more people. The policy matures and becomes due upon the death of any of those jointly insured. For example, a husband and wife may take out a joint life policy so that if one of them dies, the other will receive a payout.
Example: John and Jane take out a joint life policy. If John dies, Jane will receive the payout. If Jane dies, John will receive the payout.