coinsurance

[ koh-in-shoor-uhns, -shur- ]
/ ˌkoʊ ɪnˈʃʊər əns, -ˈʃɜr- /

noun

insurance underwritten jointly with another or others.
a form of property insurance in which an insurer assumes liability only for that proportion of a loss which the amount of insurance bears to a specified percentage of the value of the property.
  1. a form of health insurance in which the insured party contributes a specified percentage of the total cost of medical expenses after a deductible has been reached.
  2. the percentage contributed by the insured party: My coinsurance is 20%. Compare copay.

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Origin of coinsurance

First recorded in 1885–90; co- + insurance
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020

British Dictionary definitions for coinsurance

coinsurance
/ (ˌkəʊɪnˈʃʊərəns, -ˈʃɔː-) /

noun

a method of insurance by which property is insured for a certain percentage of its value by a commercial insurance policy while the owner assumes liability for the remainder
joint insurance held by two or more persons
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012