What does Coinsurance mean? Read on to discover the definition & meaning of the term Coinsurance - to help you better understand the language used in insurance policies.
Coinsurance is a provision that basically splits the risk among the insured and insurer. It states that both parties will share the cost of the loss based on a predetermined fixed percentage of the coverage amount. It is a term used in various types of insurance.
We hope the you have a better understanding of the meaning of Coinsurance.