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Related to coinsurance: Coinsurance effect
1. Insurance held jointly by two or more insurers.
2. A form of insurance in which a person insures property for less than its full value and agrees to be responsible for the difference.
3. A sum of money paid by a patient to a health care provider after a health insurance company has paid a contractual amount for a covered service, usually a fixed percentage of costs. Coinsurance usually applies after an annual deductible has been paid.
1. (Insurance) 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. (Insurance) joint insurance held by two or more persons
co•in•sur•ance(ˌkoʊ ɪnˈʃʊər əns, -ˈʃɜr-)
1. insurance underwritten jointly with another insurer.
2. property insurance in which liability is assumed only for a specified percentage of the property value.