An insurance coverage under which the policyholder collects compensation for losses from the insured’s own insurer rather than from the insurer of the person who caused the accident.
Insurance Encyclopedia
First Party Insurance
UK: Insurance providing benefits or indemnity directly for the insured person as distinct from covering his liability to third parties. A material damage policy protecting the property owner is a first party policy.
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Insurance that covers the policyholder’s property or self.
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Insurance which provide coverage for the insured’s own property or person.
First pass
Insurance claim that is being processed to be paid, rejected, or denied without being suspended for any reason. Also called pass through .
First Report of Injury
In workers’ compensation cases, a written statement of the initial contact of the physician with the injured worker. Each state has a different time frame when this report should be submitted to the workers’ compensation insurance carrier. Also called First Treatment Medical Report and Doctor’s First Report of Occupational Injury or Illness (form) or preliminary report .
First responder
Individual who uses a limited amount of equipment to perform initial assessment and intervention and is trained to assist other emergency medical services (EMS) providers. For example, at the scene of a cardiac arrest, the first responder would be expected to notify EMS (if not already notified) and initiate cardiopulmonary resuscitation (CPR) with an oral airway and a barrier device. Many firefighters, police officers, and other emergency workers have this level of training.
First Surplus
The first amount allocated to reinsurance in excess of the original insurer’s net retention.
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UK: The surplus treaty immediately above the cedant’s retention and to which cessions must be made in priority to all other surplus treaties. The reinsured may arrange second and third treaties and so on.
First Three
The first three leading underwriters on a broker’s slip, not necessarily the first three underwriters to have signed.
First Treatment Medical Report
See: First Report of Injury .
First Year
The term used to refer to various matters during the first year a policy is in force, such as first year premiums and first year claims.
First-dollar coverage
Type of insurance (hospital or surgical) policy that pays for the full value of each service up to the insured amount. The insured does not pay a deductible, but there may be copayments.