Term of the Day

coinsurance

  1. An insurance policy provision under which the insurer and the insuredshare costs incurred after the deductible is met, according to a specificformula.
  2. More generally, a sharing of risk between the insurer and the insured. also called copay.
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Usage Example
Insurance creates moral hazard, i.e. the insured may undertake risky actions knowing that somebody else is paying, but this can be reduced by acoinsurance arrangement whereby the insured is penalized financially for this behavior, resulting in a lower premium.

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