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