co·in·sur·ance (kō′ĭn-sho͝or′əns) n. 1.Insurance held jointly by two or more insurers. 2.A form of insurance in which a person insures property for less than its full value and agrees to be responsible for the difference. ...
For example, let's say you need to see a doctor for a medical condition and the bill for the consultation is expected to be $150. Your health insurance plan may ask that you pay a $30 copay for the doctor visit, while the insurance company would pick up the remaining balance, or $...
On this page, you'll find the legal definition and meaning ofCoinsurance, written in plain English, along with examples of how it is used. What is Coinsurance? It is a clause in an insurance policy in which the insurance company and the insured agree to bear the losses according to a fi...