underinsurance

[uhn-der-in-shoo r-uh ns, -shur-]
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.

Origin of underinsurance

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