Define coinsurance. coinsurance synonyms, coinsurance pronunciation, coinsurance translation, English dictionary definition of coinsurance. n. 1. Insurance held jointly by two or more insurers. 2. A form of insurance in which a person insures property fo
Coinsurance, commonly used inhealth insurance, is the percentage that the insurer pays for a medical claim on behalf of the insured patient after thedeductiblehas been met. Property coinsurancespecifies a minimum percentage of the property’s assessed cash or replacement value that it must be insure...
A property insurance policy may have a coinsurance clause that requires the insured to insure their property for a certain percentage of its value, and if they fail to do so, they will be responsible for a portion of the loss. A business insurance policy may have a coinsurance clause that ...
A "coinsurance" condition in a property insurance policy is analogous to the need for a standard definition of "payroll" to compute workers compensation premium. All workers compensation insurers use the same "payroll" definition established by workers compensation rating bureaus such as the National ...
Insurance Contractmeans a contract (other than an Annuity Contract) under which the issuer agrees to pay an amount upon the occurrence of a specified contingency involving mortality, morbidity, accident, liability, or property risk. Existing Agreementshas the meaning as set forth in Section 3.2 here...
The coinsurance formula determines the reimbursement amount that a homeowner or property owner will receive from a claim. The coinsurance formula is applied when a property owner fails to maintain coverage of at least 80% of the home's replacement value. If a property owner insures for less tha...
coinsurance clause.A definition of the term "coinsurance clause," which refers to a clause penalizing the insured if the amount insured for is less than a pre-agreed specified percentage of the value of the property, is presented.EBSCO_bspIcsc Dictionary of Shopping Center Terms...