Definition: The word "co" in the phrase "coinsurance company" refers to an insurance company which carries out a co-insurance arrangement with another insurer. In this case, the co-insurer will pay for any excess or deductibles that the first insurer may not have covered. The term "co-insurance" is used in the context of insurance contracts where the insurer has agreed to pay more than the policy amount but less than the deductible, in exchange for a reduction in the premium. This arrangement can be structured as a co-insurance agreement between two or more insurers who agree to share the cost of claims and deductibles. The term "coinsurance" is also used in insurance law to describe situations where an insurer agrees to pay some or all of the premiums but only up to a certain amount, rather than all of them. This arrangement is called "deductible co-insurance" and it can be more expensive than traditional single-policy co-insurance arrangements. Overall, the term "coinsurance company" refers to an insurance company that has agreed to pay a portion of a policy but only up to a certain amount, rather than all of it. This arrangement is often used in situations where a person needs extra financial support due to medical expenses or other costs.
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