Coinsurance Requirement
Definition of "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 by the insured, the coinsurance penalty will not go into effect. The amount of insurance required is usually expressed as a percentage of the value of the property insured at the time the loss is incurred; however, the amount may also be expressed as a flat dollar amount.
Popular Insurance Terms
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Rules stating that every administrator of a qualified pension plan, profit sharing plan, section 401 (K) plan salary reduction plan), section 403(b) plan, and stock bonus plan must provide ...
Retirement plan offered by public employers and tax-exempt organizations. Under Section 403(b) of the Internal Revenue Code, certain tax-exempt organizations such as public school systems ...
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