First Dollar Coverage
Definition
- A feature found in some insurance policies that provides coverage and benefits to the policyholder(s) without requiring them to pay a deductible. Found in many forms of insurance policies including health insurance, property insurance, and auto insurance, first dollar coverage generally offsets the lack of a deductible with higher insurance premiums.
Synonyms
deductible-free insurance, insurance without a deductible, no deductible insurance
Related Terms and Acronyms
- Co-insurance — Definition,
- Insurance where both the insurer and the insured share costs in a set ratio when an insured event occurs.
- Deductible — Definition,
- A payment that a policyholder must make before an insurer is required to provide benefits.
- Health Insurance (HI) — Acronym,
- Insurance that covers the costs of medical expenses for insured persons.
- High Deductible Health Plan (HDHP) — Acronym,
- Health plans with high deductibles and low premiums.
- Premium — Definition,
- A payment made to an insurance company for insurance coverage.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Standard Automotive Insurance — Definition,
- Auto insurance that covers those with average driving records.
