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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worth of each accumulation unit at the end of each valuation period for a variable annuity. This value is similar to that of the net asset value for a mutual fund. ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
Record of debit or industrial insurance policies. ...
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Company owned by its policy owners; no stock is available for purchase on the stock exchanges. ...
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