Reduces the opportunity for over insurance to the coordination of benefits provision. When a person or a corporation has insurance coverage above the cost of the risk(s) covered or insured, this is known as over-insurance.
Over-insurance is defined as having additional insurance coverage or policies that cover the same risk or having insurance coverage that is more (more than) the potential loss the insured could sustain.
Insurance is a crucial component of financial planning since it ensures that you are financially secure to deal with any problems that may arise in your life. A general insurance provider offers coverage for your home, car, health, and travel.
Therefore, the reduces the opportunity for over insurance to the coordination of benefits provision. When a person or a corporation has insurance coverage above the cost of the risk(s) covered or insured, this is known as over-insurance.
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