What Does Coinsurance Penalty Mean?

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What does Coinsurance Penalty mean? Read on to discover the definition & meaning of the term Coinsurance Penalty - to help you better understand the language used in insurance policies.

Coinsurance Penalty

Coinsurance Penalty

A coinsurance penalty is the amount that the insured pays for a loss that the insurer will not cover because of insufficient coinsurance. This usually happens when the worth of the insurance bought is less than the worth of property covered.

We hope the you have a better understanding of the meaning of Coinsurance Penalty.

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