coinsurance

[ koh-in-shoor-uhns, -shur- ]

noun

1. insurance none underwritten jointly with another or others.
2. 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.
3. 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: Compare copay.

      My coinsurance is 20%.

coinsurance

/ -ˈʃɔː-; ˌkəʊɪnˈʃʊərəns /

noun

1. 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
2. joint insurance held by two or more persons

Word History and Origins

Origin of coinsurance¹

First recorded in 1885–90; co- none + insurance none

Example Sentences

The Part D plan offering the best deal on Sprycel charges more than $10,000 a year in coinsurance for the drug.

From Fortune