coinsurance


co·in·sur·ance

noun \ˌkō-ən-ˈshr-ən(t)s also -ˈin-ˌ\

Definition of COINSURANCE

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

First Known Use of COINSURANCE

circa 1889

Rhymes with COINSURANCE

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