A penalty taken out of the figure the policyholder is given by the insurance company for a property loss. This penalty is assessed due to the insurance company failing to carry enough coverage, as detailed in the coinsurance clause.
Related information about coinsurance penalty:
- Coinsurance Explained
Let's say you have a building that you believe would cost $100,000 to replace and a coinsurance penalty in your policy of 80 percent. You insure the building for ...
- Avoid the Coinsurance Penalty
Ohio insurance agency helps insurance consumers demystify the complexities of coinsurance and avoid its severe consequences if violated.
- THE "CO-INSURANCE" PENALTY - OR INSUFFICIENT ...
Jan 6, 2010 ... Email This · Print · Comments (2) · Trackbacks · Share Link. What happens when an insured does not carry enough insurance on his/her/its ...
- How to Calculate Homeowner's Coinsurance Penalty | eHow.com
How to Calculate Homeowner's Coinsurance Penalty. Homeowners seeking insurance have the option to insure their homes to full value or realize a premium ...
- a quick word on co-insurance - Victor O. Schinnerer & Company
to avoid a coinsurance penalty would then be $800,000 (80% of the actual. $1,000,000 replacement cost). In this example, no co-insurance penalties would be ...
- Coinsurance Calculation Examples - MyNewMarkets.com
$350,000. Amount of Insurance Required (TIV x Coinsurance) – “Should”. • ( $500,000 x 80%). $400,000. Coinsurance Penalty Calculation Factors. 1.
- Coinsurance Penalty: Definition from Answers.com
Coinsurance Penalty Reduction in the amount that the insured receives from the insurer, after having incurred a property loss, because the insurer failed.
- What is coinsurance penalty? definition and meaning
Definition of coinsurance penalty: A penalty taken out of the figure the policyholder is given by the insurance company for a property loss. This penalty is ...