What does Coinsurance Percentage mean? Read on to discover the definition & meaning of the term Coinsurance Percentage - to help you better understand the language used in insurance policies.
Coinsurance percentage refers to the amount that either the insured or the insurer pays for a service. The system of coinsurance is represented by a percentage, where paying is concerned, with the insurer taking on the bigger percentage and the insured taking on the lower one. This is effective only when the insured has paid the deductible in full.
We hope the you have a better understanding of the meaning of Coinsurance Percentage.