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
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Recent Examples of coinsurance from the Web
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Cost-sharing operates behind the scenes, with the government paying deductibles, co-payments and coinsurance to keep health care affordable for about 7 million low-wage Americans.
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The authors recommend that patients should be charged flat-dollar copays rather than coinsurance charges, which are based on a percentage of the drug’s price.
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.
Circa 1889
First Known Use of coinsurance
circa 1889
Medical Dictionary
coinsurance
playMedical 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 Medicine, 24 July 2008
Law Dictionary
coinsurance
playLegal 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
Learn More about coinsurance
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See words that rhyme with coinsurance Britannica.com: Encyclopedia article about coinsurance
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