coinsurance

/kaɪˈɪnˌsɜːrˈeɪns/

Definitions

1. noun

a provision in an insurance policy that requires the insured to pay a percentage of the loss, with the insurer paying the rest

“After a fire, the insurance company covered 80% of the damages, with coinsurance requiring the homeowner to pay the remaining 20%”

Synonyms

  • co-insurance clause
  • shared risk

Antonyms

  • all-risk coverage
  • guaranteed replacement