Definition for coinsurance
n. an insurance policy in which the insurance company insures only a partial value of the property owned by the insured owner. Essentially the owner and the insurance company share the risk.
coinsurance
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Legal definitions serve as the cornerstone of legal interpretation, providing clarity and precision within legal texts, statutes, and regulations. A well-crafted legal definition ensures uniform understanding and application of law, which is critical in the administration of justice.
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