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underinsurance

[uhn-der-in-shoo r-uh ns, -shur-]
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noun
  1. insurance purchased against damage or loss of property in an amount less than its true value, sometimes bought intentionally by the insured with full knowledge of the risk.
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Origin of underinsurance

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018