Coinsurance Requirement
Definition of "Coinsurance requirement"
Amount of insurance that the insured must carry in order to be indemnified for the total dollar amount of the actual loss. If this requirement is met by the insured, the coinsurance penalty will not go into effect. The amount of insurance required is usually expressed as a percentage of the value of the property insured at the time the loss is incurred; however, the amount may also be expressed as a flat dollar amount.
Popular Insurance Terms
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Reinsurance term under which the reinsurer exercises its faculty or prerogative to insure a risk or reject a risk from a ceding company. ...
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Cost of the assets listed on the accounting records of the company. These assets include the following: real estate (to include any adjustments for depreciation), transportation equipment ...
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Number of times a loss occurs. ...
Same as term Application: written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, ...
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