Coinsurance (noun)

A type of insurance in which the insured and the insurer share the cost of the covered loss, typically requiring the insured to pay a certain percentage of the covered loss while the insurer pays the remaining percentage.

Origin:

From the word "coin" meaning joint and "insurance" meaning protection, it refers to a type of insurance in which the insured and the insurer share the cost of the covered loss.

Examples:

1. The policy had a coinsurance clause which required the policy holder to pay 20% of any covered loss.
2. The coinsurance provision required the policy holder to pay a certain percentage of the covered loss.
3. The coinsurance rate was determined by the insurance company.
4. Coinsurance helped to spread the risk of loss among multiple parties.
5. The coinsurance requirement was a way for the insurance company to control its costs.