Coinsurance Limit
Definition of "Coinsurance limit"
In a mercantile open-stock burglary insurance policy, the dollar amount of coverage as required by the COINSURANCE clause. This dollar amount is the MAXIMUM PROBABLE LOSS (MPL) of merchandise that the insurer estimates could result from a single burglary. The indemnification of the insured merchant cannot exceed the lesser of this coinsurance limit or the COINSURANCE PERCENTAGE of the total dollar value of the merchandise that has been insured.
Popular Insurance Terms
Form showing notification that an insurance policy has been renewed with the same provisions, clauses, and benefits of the previous policy. ...
In many health insurance and dental insurance policies, stipulation that, if the estimated cost of a recommended plan of treatment exceeds a specified sum, the insured must submit the plan ...
Coverage, in liability insurance, for harm suffered by others because of events occurring while a policy is in force, regardless of when a claim is actually made. ...
one in which the amount and frequency of payment may fluctuate. ...
Formula for a given line of insurance used by property and casualty insurance companies to compare losses and loss adjustment expense with premiums. This shows the amount of each premium ...
Automatically extended reporting period of five years, during which claims may be made after a claims made basis liability coverage policy has expired, provided these claims are the result ...
Same as term Fixed Dollar Annuity: annuity that guarantees that a specific sum of money will be paid in the future, usually as monthly income, to an annuitant. For example, a $1000-a-month ...
Transfer of the cash value of the policy from the policyowner to the policyowner's creditor as security for a loan. ...
Mechanism for providing coverage when the insured's underinsured motorist coverage limit is more than the tort feasor's limit of liability. ...
Have a question or comment?
We're here to help.