Main Entry: co·in·sur·ance

Pronunciation: \ˌkō-ən-ˈshu̇r-ən(t)s also -ˈin-ˌ\

Function: noun

Date: circa 1889

1 : joint assumption of risk (as by two underwriters) with another
2 : insurance (as fire insurance) in which the insured is obligated to maintain coverage on a risk at a stipulated percentage of its total value or in the event of loss suffer a penalty in proportion to the deficiency