coinsurance

Definitions (2)

1. An insurance policy provision under which the insurer and the insured share costs incurred after the deductible is met, according to a specific formula.
2. More generally, a sharing of risk between the insurer and the insured. also called copay.

Use coinsurance in a sentence

Commonly known as co-pay, coinsurance is the additional money due after the deductable has been met.

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major medical insurance contribution