Final answer:
Coinsurance in insurance is a method of cost sharing where the policyholder and the insurance company each contribute to the expenses. Insurers may waive the coinsurance requirement in the case of total loss, partial loss, acts of God, or acts of terrorism.
Step-by-step explanation:
Coinsurance in insurance refers to when an insurance policyholder pays a percentage of a loss, and the insurance company pays the remaining cost. It is a method of cost sharing where the policyholder and the insurance company each contribute a portion of the expenses. In the case of total loss or partial loss, as well as acts of God or acts of terrorism, insurers may agree to waive the coinsurance requirement, meaning the policyholder doesn't need to pay their share of the costs.