Collision Damage Waiver

Definition of "Collision damage waiver"

Special property damage coverage purchased by an individual renting an automobile under which the rental company waives any right to recover property damage to the automobile from that individual, regardless of who is at fault. A significant fee is paid by the individual to the rental company for this waiver for coverage that may already be provided by a personal automobile policy (PAP).

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Classification at death of all pension plans, profit-sharing plans, individual retirement accounts (IRAS), annuities, and installment payments to the extent to which the deceased was ...

Clause in some current ASSUMPTION WHOLE LIFE INSURANCE policies Such as UNIVERSAL LIFE insurance that allows unscheduled premiums to be paid at any time prior to the policy's maturity date, ...

Table used by the Internal Revenue Service (IRS) in evaluating split dollar life insurance plans as to the extent of the economic benefit that is considered taxable ordinary income to the ...

Management of premium inflow and benefit outflow. ...

Policy providing businesses with coverage for negligence based civil liability in: (1) Bodily injury and property damage liability, on an occurrence basis, resulting from the ownership, ...

Amount of insurance remaining on a ceding company's books, net of the amount reinsured. ...

Life insurance contract that combines TERM LIFE INSURANCE with WHOLE LIFE INSURANCE. The term portion of the contract expires after a stipulated time period. If the insured dies during this ...

Two basic kinds of policies sold by health insurance companies: medigap insurance (medicare supplementary insurance); and medicare wraparound ...

Model state law of the NAIC that stipulates that the prospective purchaser of a dread disease insurance policy (catastrophic illness insurance policy) must be provided a quantitative ...

Popular Insurance Questions