n.
Pronunciation: ˌ k ō - ə n- ' shu ̇ r- ə n(t)s also - ' in- ˌ
Function: noun
Date: circa 1889
1 : joint assumption of risk (as by two underwriters) with another
2 : insurance (as fire insurance) in which the insured is obligated to maintain coverage on a risk at a stipulated percentage of its total value or in the event of loss suffer a penalty in proportion to the deficiency