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
Written statement by an insurance company attesting to the powers it has vested in an agent. ...
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Person who engages an agent or broker for advice and possible purchase of insurance. ...
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