Coinsurance

2 definitions found

From The Collaborative International Dictionary of English v.0.48 [gcide]:

  Coinsurance \Co`in*sur"ance\, n. [Co- + insurance.]
     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.
     [Webster 1913 Suppl.]

From WordNet (r) 2.0 [wn]:

  coinsurance
       n : insurance issued jointly by two or more underwriters