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.
Popular Insurance Terms
Exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
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Nonprofit organization of members of various industries nationwide that collects and publishes information and statistics on accidents. The council was established by Congress in 1913. Its ...
recipient. insurance company that receives a premium payment from a payer. insured or beneficiary who receives a loss or benefit payment from an insurer. ...
Reduction in a retirement plan's population resulting from the death, disability, and termination of its members. ...
Insurance record showing the amount of insurance coverage placed on any one location. ...
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