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Co-insurance is a form of insurance in which a person who insures his property for less than the entire value is understood to be his own insurer for the difference which exists between the true value of the property and the amount of insurance.
WHEN CO-INSURANCE APPLIES:
1. Insurance taken is less than the actual value of the thing insured
2. Loss is partial
WHEN CO-INSURANCE APPLIES:
1. Insurance taken is less than the actual value of the thing insured
2. Loss is partial
