Professionals: Investment » Glossary

Established in 1886, the Johannesburg Securities Exchange is the only stock exchange in South Africa, where equities, bonds and other financial instruments are traded.

A policy arranged on two or more lives where the benefits are paid on the death of the last survivor.  

Insurance payable on the first death among two or more insured covered jointly under one policy. After the first death nothing more is payable. Under a joint endowment, the amount of insurance is payable on the first death or upon the survival of all lives until the end of the endowment period.

A life policy arranged on two or more lives where the benefits are paid on the first death.

A single document incorporating the instructions (will) of two or more persons which deals with the disposal of their estates at the death of any one of them.

Decision by a court of law.

Bond purchased for speculative purposes. They are usually rated BB and lower, and they have a higher default risk. It is alleged that junk bonds offer interest rates three to four percentage points higher than safer government issues.