Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Coinsurance
See INSURANCE.
coinsurance
1. Insurance provided jointly by two or more insurers. 2. Property insurance that requires the insured to bear a portion of any loss if the property is not covered up to a certain percentage of its full value. ( A coinsurance clause sets a minimum for which property must be insured, and anything below that amount requires the insured to share proportionally in any loss.
coinsurance clause
A provision in an insurance policy requiring a property owner to carry separate insurance up to an amount stated in the policy to qualify for full coverage. - Also termed contribution clause.