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Coinsurance

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Definitions of Coinsurance
Pronunciation : Co`in*sur"ance
Part of Speech : n.
Definition : Defn: 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.

[Co- + insurance.]
Source : Webster's Unabridged Dictionary, 1913

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