: 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 More from Merriam-Webster on coinsurance Britannica.com: Encyclopedia art...
History and Meaning of Coinsurance Coinsurance is a term that is commonly used in the insurance industry. It has been in use for many years, and its history can be traced back to the early days of insurance. It is a term used to describe an arrangement between the insurer and the insured...
A 2023 poll found 25% of Americans said it was hard for them to understand the terms copay and coinsurance inhealthcare insurance.1But before addressing the distinction, it helps to first know aboutdeductibles. A deductible is a set amount you pay each year for your healthcare before your ...
An individual or business with property insurance may receive only 80% coverage, meaning they are required to pay the remaining 20% in coinsurance should something happen to their property and they qualify to make a validclaimfor compensation. A waiver of coinsurance clause relinquishes this requirem...
Meaning These findings suggest that the current rebate system places additional burden on patients exposed to list price–based coinsurance, particularly in competitive classes. Abstract Importance Prior research has documented the increase in prescription drug rebates and the coincident increase in out-of...
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...
($80,000) insurance required by the coinsurance clause, you’d receive only ONE-HALF ($20,000) of the $40,000 loss. That’s not good, but it’s actually even worse because your policy’s deductible on the loss would still apply, meaning that amount would also be deducted from your ...
Commonly Misspelled Words How to Use Em Dashes (—), En Dashes (–) , and Hyphens (-) Absent Letters That Are Heard Anyway How to Use Accents and Diacritical Marks Popular in Wordplay See All It's a Scorcher! Words for the Summer Heat ...