What is Coinsurance?

Coinsurance definition and meaning on Dictionary terms:

insurance underwritten jointly with another or others.
a form of property insurance in which an insurer assumes liability only for that proportion of a loss which the amount of insurance bears to a specified percentage of the value of the property.
  1. a form of health insurance in which the insured party contributes a specified percentage of the total cost of medical expenses after a deductible has been reached.
  2. the percentage contributed by the insured party: My coinsurance is 20%.Compare copay.