Benefit Percentage Insurance: A Comprehensive Overview
Benefit percentage insurance, also known as coinsurance, is a type of insurance where the policyholder shares a fixed percentage of the covered losses with the insurance company. For instance, in a policy with an 80% coinsurance clause, the policyholder bears 20% of the covered expenses, while the insurance company covers the remaining 80%. Coinsurance is commonly used in various insurance policies, including health, property, and business insurance.