Florida Insurance Claims Adjuster License Practice Exam

What is Coinsurance?

1. The total amount of insurance coverage.

2. A fixed amount paid for a covered service.

3. The insured's share of the costs of a covered healthcare service.

4. A method to reduce the premium of the insurance policy.

The correct answer is: The insured's share of the costs of a covered healthcare service.

Coinsurance is the term used to describe the portion of healthcare costs that the insured is responsible for paying after the insurance company has paid its share. This is usually a percentage of the total cost of a covered service, and can vary depending on the specific insurance plan. Option A is incorrect because it refers to the total amount of insurance coverage, which is not the same as coinsurance. Option B is incorrect because it describes a fixed amount, while coinsurance is usually a percentage. Option D is incorrect because it refers to reducing the premium of the insurance policy, which is unrelated to coinsurance.