Rupee amount of coverage which in mercantile open stock burglary Insurance, stratifies the Coinsurance requirement. It represents the underwriters estimate of the maximum potential loss from burglary in a single theft. This Coinsurance requirement is the lesser of the Coinsurance limit or the Coinsurance percentage of the total value of insured merchandise.
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The amount of coverage mandated by the coinsurance clause in an open stock burglary policy.
Insurance Encyclopedia
Coinsurance maximum
Dollar amount that a patient must pay in coinsurance expenses each year before an insurance plan will pay 100% of eligible expenses for the rest of the year. Also known as out-of-pocket maximum.
Coinsurance payment
Specific percentage of the fee the patient is responsible for paying the provider of the medical service or supply; also called coinsurance.
Coinsurance Penalty
Amount by which an insured’s recovery is reduced because the insured failed to comply with a Coinsurance requirement.
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A penalty taken out of the figure the policyholder is given by the insurance company for a property loss. This penalty is assessed due to the insurance company failing to carry enough coverage, as detailed in the coinsurance clause.
Coinsurance Percentage
Under many property Insurance policies, the percentage of the value of insured property that an insured is required to carry to avoid a Coinsurance penalty. Coinsurance percentage vary among lines of Insurance, and an insured often has several choices offered at different premium rates.
Coinsurance percentage (Property Insurance)
A condition in a property insurance policy that makes the policyholder to have insurance as a percentage of the property’s value. If this insurance does not exist, the policyholder is charged the coinsurance penalty.
Coinsurance plan of reinsurance (Reinsurance)
A kind of reinsurance, where the insurance company gives a segment of the life insurance policy it has written to the reinsurer. The reinsurer must pay some fraction of the death benefit to the insurance company upon the policy holder’s death. The insurance company must then pay the beneficiary.
Coinsurance provision
1. Clause in a health insurance contract that requires the insured to pay a specific percentage in excess of the deductible of all eligible medical expenses. 2. Clause in property insurance agreement whereby the property owner is to carry insurance up to an amount established with the provisions of the policy. This is a stated percentage of the value of the property.
Coinsurance Requirement
Amount of Insurance which must be carried o avoid a Coinsurance penalty. Although typically stated as a percentage of the value of the insured property at the time of loss, a Coinsurance requirement may also be stated as a fixed rupee amount.
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The total amount of insurance the policyholder must possess so he or she can be covered for the total amount of a loss and not be charged the coinsurance penalty.
Coinsurer
One that shares the loss sustained under an insurance policy. Usually refers to an insured property owner that fails to purchase enough insurance to comply with the coinsurance provision and that, therefore, suffers part of the loss itself.
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One who shares a loss under an Insurance Policy or policies. An Insurer who shares with others in Coinsurance.
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Under an insurance policy, someone who shares in the loss.