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
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Principle of equity in property, casualty, and health insurance. When two or more policies apply to the loss, each policy pays its part of the loss, unless its terms provide otherwise. For ...
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