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underinsurance

[uhn-der-in-shoo r-uh ns, -shur-] /ˈʌn dər ɪnˌʃʊər əns, -ˌʃɜr-/
noun
1.
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 of underinsurance
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2015.
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