Coinsurance Penalty


Definition of "Coinsurance penalty"

Reduction in the amount that the insured receives from the insurer, after having incurred a property loss, because the insurer failed to carry the amount of coverage required by the coinsurance clause.

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Coinsurance Percentage

In many property insurance policies, a requirement that the insured carry insurance as a percentage of the total monetary value of the insured propert ...

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 ...

Cumulative Trend Method

Approach to derive trend lines that can be applied to rating insured losses. Other methods require substantial preliminary operations to solve systems ...

Postselection Of Insured

Underwriting practice involving regular review of insurance contracts in force with the intent of either canceling a policy or not offering renewal fo ...

Identification

First step in the risk management process. The objective is to determine the sources of losses. For example, the profit and loss statement of a busine ...

Proof Of Loss

Documentation of loss required of a policyowner by an insurance company. For example, in the event of an insured's death, a death certificate (or copy ...

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