coinsurance Synonyms
No Synonyms and anytonyms found
coinsurance Meaning
coinsurance (n)
insurance issued jointly by two or more underwriters
coinsurance (n.)
Insurance jointly with another or others; specif., that system of fire insurance in which the insurer is treated as insuring himself to the extent of that part of the risk not covered by his policy, so that any loss is apportioned between him and the insurance company on the principle of average, as in marine insurance or between other insurers.
coinsurance Sentence Examples
- Coinsurance is a common feature of many insurance policies, requiring policyholders to share the cost of covered services.
- The coinsurance clause stipulates that the insured and the insurer will share the covered expenses according to a predetermined percentage.
- Some health insurance plans require coinsurance for certain medical procedures, meaning the insured must pay a percentage of the total cost.
- The coinsurance provision encourages policyholders to take an active role in managing their healthcare expenses.
- Understanding coinsurance terms and conditions is essential for policyholders to accurately estimate their out-of-pocket costs.
- In property insurance, coinsurance ensures that policyholders maintain coverage levels in proportion to the value of their property.
- Failure to maintain the required level of coinsurance may result in penalties or reduced claim payments in the event of a loss.
- Coinsurance provides a financial incentive for policyholders to accurately assess the value of their property and adjust coverage accordingly.
- The coinsurance requirement protects insurers from underinsured policyholders who may attempt to minimize premiums by reducing coverage limits.
- Policyholders should review their insurance policies regularly to ensure that their coinsurance provisions align with their financial circumstances and coverage needs.
FAQs About the word coinsurance
insurance issued jointly by two or more underwritersInsurance jointly with another or others; specif., that system of fire insurance in which the insurer is tre
No synonyms found.
No antonyms found.
Coinsurance is a common feature of many insurance policies, requiring policyholders to share the cost of covered services.
The coinsurance clause stipulates that the insured and the insurer will share the covered expenses according to a predetermined percentage.
Some health insurance plans require coinsurance for certain medical procedures, meaning the insured must pay a percentage of the total cost.
The coinsurance provision encourages policyholders to take an active role in managing their healthcare expenses.
