A risk-sharing agreement between the insurer and the insured under a particular insurance policy. The insured agrees to cover a percentage of the losses up to a certain threshold level, rather than paying a fixed amount as with co-pay arrangements.
Definition from Nolo’s Plain-English Law Dictionary
1) A form of insurance in which a person insures property for less than its full value and agrees to be responsible for the difference. Essentially the owner and the insurance company share the risk. 2) Insurance held jointly by two or more insurers.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:12 pm