First-dollar Coverage
Definition of "First-dollar coverage"
Insurance policy under which payment is made for a loss not subject to any deductible or under which payment is made up to the limits of the policy, and then an excess insurance policy takes effect. For example, a homeowners insurance policy section II (liability coverage) would pay up to its limits for an insured loss, whereupon an umbrella liability insurance policy would go into effect.
Popular Insurance Terms
In workers compensation insurance policies and several business property and liability policies, review of the payroll of a business firm in order to determine the premium for coverage. ...
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Income (premiums + investment earnings) minus disbursements (dividends + death claims + policies surrendered for benefits + general expenses). ...
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