Account types and ownership categories, POD designations, etc., including required titling is a State law issue.
As Randy indicates, this is a matter of state law. As an example, in Illinois, this designation was used to name a beneficiary for an account with multiple owners which indicated that the beneficiary would not be entitled to the funds until all owners died.
State lawmakers decided that there could be potential confusion using the term "payable on death" with multiple account owners since the passing of one of the owners would not trigger transferring the funds to the beneficiary.
Consult legal counsel familiar with the laws in your state to determine how this titling impacts the transfer of ownership.