COINSURANCE

coinsurance

(noun) insurance issued jointly by two or more underwriters

Source: WordNet® 3.1

Etymology

Noun

coinsurance (countable and uncountable, plural coinsurances)

(US) The joint assumption of risk between the insurer and the insured party.

(international) The joint assumption of risk between multiple insurers.

Source: Wiktionary

Co`in*sur"ance, n. [Co- + insurance.]

Definition: Insurance jointly with another or others; specif., that system of fire insurance in which the insurer is treated as insuring himself to the extent of that part of the risk not covered by his policy, so that any loss is apportioned between him and the insurance company on the principle of average, as in marine insurance or between other insurers.

Source: Webster’s Unabridged Dictionary 1913 Edition

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