coinsure
Split policy liability
To coinsure is to share insurance coverage or risk with another party.
In health insurance, coinsurance typically means the policyholder pays a percentage of costs after meeting a deductible: After the deductible, my plan coinsures at 80/20—they pay 80%, I pay 20%.
Insurers may also coinsure large risks by splitting coverage among multiple companies.
Added cost for better
- deductibleOut-of-pocket threshold amount
- actuaryFinancial risk analyst
- policyholderOwner of insurance contract
- coverageExtent of inclusion
indemnity · adjuster · exclusion · endorsement · claims · beneficiary · liability · payout
Insurer of insurers
- cedingFormally surrendering territory or rights
- retrocessionReturn of ceded territory
- treatyBinding pact between nations
- facultativeCapable but not obligated
surplus · proportional · nonproportional · cession · retention · layer · attachment · capacity
Source of potential harm
- perilSerious threat of harm
- exposureState of being unprotected
- vulnerabilityOpenness to harm
- contingencyUncertain possible event
mitigation · diversification · hedging · pooling · spreading · distribution · collective · syndication
Division into shares
- pro-rataDistributed according to share
- contributionSomething given to help
- concurrentHappening at once
- allocationDistribution of shares
premium
Added cost for better
- deductibleOut-of-pocket threshold amount
- actuaryFinancial risk analyst
- policyholderOwner of insurance contract
coverage · indemnity · adjuster · exclusion · endorsement · claims · beneficiary · liability · payout · losses
reinsurer
Insurer of insurers
- cedingFormally surrendering territory or rights
- retrocessionReturn of ceded territory
- treatyBinding pact between nations
facultative · surplus · proportional · nonproportional · cession · retention · layer · attachment · capacity · syndicate
hazard
Source of potential harm
- perilSerious threat of harm
- exposureState of being unprotected
- vulnerabilityOpenness to harm
contingency · mitigation · diversification · hedging · pooling · spreading · distribution · collective · syndication · participation
apportionment
Division into shares
- pro-rataDistributed according to share
- contributionSomething given to help
- concurrentHappening at once
allocation · layered · participating · cooperative · combined