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Meaning of coinsurance

co•in•sur•ance

Pronunciation: (kō"in-shoor'uns, -shûr'-), [key]
— n.
  1. insurance underwritten jointly with another or others.
  2. a form of property insurance in which an insurer assumes liability only for that proportion of a loss which the amount of insurance bears to a specified percentage of the value of the property.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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