underinsurance

[ uhn-der-in-shoo r-uh ns, -shur- ]
/ ˈʌn dər ɪnˌʃʊər əns, -ˌʃɜr- /

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 of underinsurance