Coinsurance vs. Copay — What's the Difference?

Insurance held jointly by two or more insurers.

A copayment.

A form of insurance in which a person insures property for less than its full value and agrees to be responsible for the difference.

To jointly pay with another or others.

A sum of money paid by a patient to a health care provider after a health insurance company has paid a contractual amount for a covered service, usually a fixed percentage of costs. Coinsurance usually applies after an annual deductible has been paid.

A copayment.

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

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

Insurance jointly with another or others; specif., that system of fire insurance in which the insurer is treated as insuring himself to the extent of that part of the risk not covered by his policy, so that any loss is apportioned between him and the insurance company on the principle of average, as in marine insurance or between other insurers.

Insurance issued jointly by two or more underwriters