First dollar coverage,
Definition of First dollar coverage:
A property and casualty insurance feature that provides payment for a loss without requiring a deductible.
First dollar coverage plans are available on health insurance, homeowner's insurance, and car insurance policies, among others.
First dollar coverage is a type of insurance policy with no deductible where the insurer assumes payment once an insurable event occurs. While there is no deductible, the amount the insurer will pay out is often lower than on similar plans that have a deductible, or premiums for the first dollar plan will be higher.
How to use First dollar coverage in a sentence?
- The insurance company starts covering costs on the first dollar claimed.
- First dollar coverage is a type of insurance where there is no deductible or copay.
- First dollar coverage is typically more expensive than a similar deductible plan. If costs are similar, then the first dollar coverage plan will likely have lower payout limits than a deductible plan.
Meaning of First dollar coverage & First dollar coverage Definition