What is COINSURANCE? Definition of COINSURANCE in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.
A relative division of risk between the insurer and the insured, dependent upon the relative amount of the policy and the actual value of the property insured, and taking effect only when the actual loss is partial and less than the amount of the policy; the insurer being liable to the extent of the policy for a loss equal to or in excess of that amount. Buse v. National Ben Franklin Ins. Co. of Pittsburg, Pa., 160 N.Y. S. 566, 568, 96 Misc. 229.
That's the definition of COINSURANCE in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.