coinsurance

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noun co·in·sur·ance \ ˌkō-ən-ˈshu̇r-ən(t)s also -ˈin-ˌshu̇r- \

Definition of coinsurance

1 :joint assumption of risk (as by two underwriters) with another
2 :insurance (such 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

Recent Examples of coinsurance from the Web

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'coinsurance.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of coinsurance

circa 1889


Medical Dictionary

coinsurance

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noun co·in·sur·ance \ ˌkō-ən-ˈshu̇r-ən(t)s, -ˈshər- also -ˈin-ˌshu̇r-, -ˌshər- \

medical Definition of coinsurance

:health insurance in which an insurer requires the insured to pay a fixed percentage of the cost of medical expenses after the deductible has been paid and with the insurer to pay the remaining expenses
  • Coinsurance is not a new idea—Americans who grew up in the era before managed care will remember their parents paying 20% of the costs of office visits, tests, and prescriptions.
  • —Thomas H. Lee et al.The New England Journal of Medicine24 July 2008

Law Dictionary

coinsurance

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noun co·in·sur·ance \ ˌkō-in-ˈshu̇r-əns, kō-ˈin-ˌshu̇r- \

legal 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 to suffer a penalty in proportion to the deficiency

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