Joint Tenancy With Right of Survivorship (JTWROS)
Joint tenancy with right of survivorship is a form of real estate ownership. Under JTWROS, two or more tenants share an undivided interest in a property. Also, each tenant has equal rights and obligations. Intrinsically, this type of arrangement creates a right of survivorship. Therefore, if one owner dies, his or her interest automatically transfers to the surviving owner(s).
Underwriting
Underwriting is the process through which an individual or institution evaluates and assumes a financial risk. Generally, such risk involves insurance, investments, or loans. Thus, insurance companies indemnify against future loss, damage, or liability. Investment bankers guarantee the purchase of entire issues of stocks or bonds. And lending institutions provide capital for mortgages. The term “underwrite” dates back to the marine insurance market in 17th century. At famed insurer Lloyd's of London, each financial backer would write his name under the amount of maritime risk he was willing to assume for a specified premium.