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
Learn More about coinsurance
Britannica.com: Encyclopedia article about "coinsurance"
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