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1. Jewish Lightning
To set your house or business on fire on purpose to get the insurance money.
"Hey, what happened to the bar?"

"The owner wasn't doing so well so it got struck by Jewish Lightning."
by SixSixSix Aug 12, 2004 add a video
2. Jewish Lightning
To set fire to, and burn down completely (arson) a property in order to collect insurance money. The Jewish connotation refers to the Jew's love of money and therefore unwillingness to spend money (and therefore commit insurance fraud).
"Jerry got most of his money when his place got hit by Jewish Lightning."

or

"Ben Steinfeldenstein's deli was the fortunate victim of Jewish Lighting, and he can now afford that new house."
3. Jewish Lightning
Supposed cause of fire deliberately arranged by the owner to burn down a property or business in order to benefit from insurance money or similar, such as destruction of documents and records.
What happened to that old kvetcher, Max? He's dressed in bright colors and looking so happy...

Haven't you heard? His art gallery literally went up in flames, struck by a fortunate case of Jewish lightning.
4. Jewish Lightning
arson, specifically for the purpose of insurance fraud. because it is a crime of greed, it gets tagged to the stereotypically greedy jewish people. but, come on, we all love jew jokes.
"Holy moley, that yacht's been on fire for the last five hours! How could this happen?"

"You're in New Jersey, stupid. That boat was struck by jewish lightning."
5. Jewish Lightning
A famous boxer in the early 30's.
Jewish Lightning puts another Irish fighter down in the first round.
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