Insurance Term
Co-insurance
A cost-sharing provision where the insured and insurer share the cost of a covered claim after the deductible has been met.
Detailed Explanation
Commonly often found in health insurance (e.g., 80/20 split), co-insurance requires the policyholder to pay a percentage of the costs while the insurance company pays the rest. This continues until the policy's out-of-pocket maximum is reached.
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Practice QuestionEasy
Which of the following best describes the concept of Co-insurance?
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