coinsurance

/K OW0 IH0 N SH ER1 AH0 N S/
noun
  1. 1

    (especially US) The joint assumption of risk between the insurer and the insured party.

  2. 2

    (especially US, metonymic) The amount paid by the insured in accordance with this risk sharing.

  3. 3

    (international) The joint assumption of risk between multiple insurers.