coinsurance

American  

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

noun

1. insurance 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.

      My coinsurance is 20%.

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coinsurance British  

/ -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

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Etymology

Origin of coinsurance

First recorded in 1885–90; co- + insurance