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
insurance without a deductible, no deductible insurance, deductible-free 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.
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