Coinsurance: meaning, definitions and examples
๐ฐ
coinsurance
[ หkษษชnหสสษrษns ]
insurance agreement
Coinsurance is a type of insurance arrangement where the insured party and the insurer share the costs of a covered loss in a specified proportion. This means that after the deductible is met, the insured only pays a certain percentage of the remaining costs, while the insurer pays the other percentage. Coinsurance is common in health insurance plans, property insurance, and other types of coverage. It can affect both the premium amount and the out-of-pocket expenses for the insured individual or entity.
Synonyms
co-payment, cost-sharing, shared responsibility.
Examples of usage
- The health insurance plan has a 20% coinsurance after the deductible.
- She never realized she would have to pay coinsurance until she received the medical bill.
- When purchasing business property insurance, they opted for a higher coinsurance rate.
Translations
Translations of the word "coinsurance" in other languages:
๐ต๐น co-seguro
๐ฎ๐ณ เคธเคพเคเคพ เคฌเฅเคฎเคพ
๐ฉ๐ช Selbstbeteiligung
๐ฎ๐ฉ coinsurance
๐บ๐ฆ ะบะพัััะฐั ัะฒะฐะฝะฝั
๐ต๐ฑ wspรณลubezpieczenie
๐ฏ๐ต ๅ ฑๅไฟ้บ
๐ซ๐ท coassurance
๐ช๐ธ coaseguro
๐น๐ท kฤฑsmi sigorta
๐ฐ๐ท ๊ณต๋ ๋ณดํ
๐ธ๐ฆ ุชุฃู ูู ู ุดุชุฑู
๐จ๐ฟ spolurozhodnutรญ
๐ธ๐ฐ spolurozhodnutie
๐จ๐ณ ๅ ฑๅไฟ้ฉ
๐ธ๐ฎ sozavarovanje
๐ฎ๐ธ samtrygging
๐ฐ๐ฟ ะพััะฐา ัะฐาัะฐะฝะดััั
๐ฌ๐ช แแ แแแแแแแ แแแแฆแแแแ
๐ฆ๐ฟ birgษ sฤฑฤorta
๐ฒ๐ฝ coaseguro
Etymology
The term 'coinsurance' combines 'co-', a prefix meaning 'together' or 'jointly', with 'insurance', which originates from the Latin word 'sicurare', meaning 'to make safe'. The concept emerged in the insurance industry during the late 20th century as insurers sought ways to share risks with policyholders. It allowed both parties to distribute financial responsibilities, especially in health and property insurance. The intent was to encourage responsible behavior among insured parties, as having a stake in costs could lead to more prudent decision-making regarding healthcare or property management. Over time, coinsurance has become a standard practice in various types of insurance products, illustrating a shift toward cost-sharing models in the financial and healthcare sectors.