by pavithra » Tue Jul 27, 2010 07:59 am
Basically, when you sign up for a coinsurance policy, you insure something at less than its face value. Insurers may do this because they know that a structure or possession can be replaced for less than face value, or because they are willing to pay some out-of-pocket expenses to keep their insurance rates down. If a claim is made on the policy, the insurer pays their share of the coinsurance while the insured is expected to pay any remaining balance.
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Posted: Fri Dec 03, 2010 11:48 pm Post Subject:
The coinsurance clause is a widespread rule in insurance.It states that if a property is underinsured, the insurer is responsible only for that portion of the loss that the amount of insurance bears to the value of the asset.
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Posted: Sat Dec 04, 2010 06:55 am Post Subject:
Nick . . .
You're entirely correct. But you also need to realize "coinsurance" is also used in health insurance.
Posted: Wed Dec 29, 2010 10:23 am Post Subject: business insurance
still i am confused whether to go for this type of insurance or not
Posted: Wed Dec 29, 2010 04:58 pm Post Subject:
still i am confused whether to go for this type of insurance or not
To go for what "type" of insurance? Please ask a more specific question so we can give you a more specific answer.
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