coinsurance

coinsurance
co·in·sur·ance /ˌkō-in-'shu̇r-əns, kō-'in-ˌshu̇r-/ n
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

Merriam-Webster’s Dictionary of Law. . 1996.

coinsurance
n.
A form of insurance in which the insurer pays only a portion of a claim for damage, sharing the risk with the insured.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.


coinsurance
1) A form of insurance in which a person insures property for less than its full value and agrees to be responsible for the difference. Essentially the owner and the insurance company share the risk.
2) Insurance held jointly by two or more insurers.
Category: Business, LLCs & Corporations → Buying or Selling a Business
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc.
Category: Real Estate & Rental Property
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.


coinsurance
A provision of an insurance policy that provides that the insurance company and the insured will apportion between them any loss covered by the policy according to a fixed percentage of the value for which the property, or the person, is insured.

Dictionary from West's Encyclopedia of American Law. 2005.


coinsurance
A provision of an insurance policy that provides that the insurance company and the insured will apportion between them any loss covered by the policy according to a fixed percentage of the value for which the property, or the person, is insured.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

coinsurance
n.
   an insurance policy in which the insurance company insures only a partial value of the property owned by the insured owner. Essentially the owner and the insurance company share the risk.

Law dictionary. . 2013.

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Look at other dictionaries:

  • Coinsurance — is an insurance related term that often describes a splitting or spreading of risk among multiple parties.In the United StatesIn the US insurance market, coinsurance refers to the joint assumption of risk between the insurer and the insured. In… …   Wikipedia

  • Coinsurance — Co in*sur ance, n. [Co + insurance.] Insurance jointly with another or others; specif., that system of fire insurance in which the insurer is treated as insuring himself to the extent of that part of the risk not covered by his policy, so that… …   The Collaborative International Dictionary of English

  • coinsurance — [kō΄in shoor′əns] n. 1. a form of property insurance in which the insured shares in losses proportionately to the extent that the amount of insurance falls short of a specified percentage of the value of the insured property 2. joint insurance by …   English World dictionary

  • coinsurance — A provision in an insurance policy that requires the insured to carry an amount of insurance equal to a certain specified percentage of the value of the insured property. The coinsurance provision, or clause, provides for full payment of losses… …   Financial and business terms

  • coinsurance — The sharing of an insurance risk between several insurers. An insurer may find a particular risk too large to accept because the potential losses may be out of proportion to their claims funds. Rather than turning the insurance away, the insurer… …   Big dictionary of business and management

  • coinsurance — co|in|sur|ance [ˌkəuınˈʃuərəns US ˌkouınˈʃur ] n [U] AmE 1.) a type of insurance in which the payment is split between two people, especially between an employer and a worker ▪ health coinsurance 2.) insurance that will only pay for part of the… …   Dictionary of contemporary English

  • coinsurance — noun (U) AmE 1 a type of insurance in which the payment is split between two people, especially between an employer and a worker: health coinsurance 2 insurance that will only pay for part of the value of something …   Longman dictionary of contemporary English

  • coinsurance — A relative division of risk between the insurer and the insured, dependent upon the relative amount of the policy and the actual value of the property insured, and taking effect only when the actual loss is partial and less than the amount of the …   Black's law dictionary

  • coinsurance — A relative division of risk between the insurer and the insured, dependent upon the relative amount of the policy and the actual value of the property insured, and taking effect only when the actual loss is partial and less than the amount of the …   Black's law dictionary

  • coinsurance — Literally, two or more policies of insurance issued by different insurers covering the same risk; in modern insurance parlance, a relative division of the risk between insurer and the insured, dependent upon the relative amount of the policy and… …   Ballentine's law dictionary

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