underinsurance

[uhn-der-in-shoor-uhns, -shur-]
noun
insurance purchased against damage or loss of property in an amount less than its true value, sometimes bought intentionally by the insured with full knowledge of the risk.

Origin:
under- + insurance

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Example sentences
No underinsurance investigation was conducted to determine the reason for the underinsurance situation.
The question is said to turn on the basic approach taken in the jurisdiction toward underinsurance provisions.
Allegations of bad faith, and other demands for extra contractual payments, including underinsurance.
Little evidence exists about how successful the current tax treatment is in reducing underinsurance.
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