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This is basically a renowned measure of statistics. It evaluates the possibility of a couple of events taking place jointly and at the exact point in time.
A joint account refers to the bank account that is shared by a couple of or more persons/ entities. Either party involved has the liberty to withdraw from the account and make a deposit to it.
For pricing the credit risk, this is perhaps one of the earliest reduced-form versions. It was developed by Stuart Turnbull and Robert Jarrow. It uses dynamic analysis and multi-factor of interest rates to determine the probability of default.
They are professionals, referring to one or two or more agents jointly instructed by a principal to act on his behalf.
Often referred to as a joint-and-several bond, this is a bond wherein a couple of or more parties ensure principal and interest. The shared responsibility lowers both the borrowing costs as well as risks.