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).

Search Real Estate Glossary

Related Real Estate Glossary terms

Equitable Conversion

This situation applied in some states when death prevents the seller of property, who has signed a r ...

Midi Tail

Automatically extended reporting period of five years, during which claims may be made after a claim ...

Client

Individual or entity who pays for the professional services of another person or business. ...

Structured Settlement

Periodic payments to an injured person or survivor for a determinable number of years or for life ty ...

Principle Of Substitution

Highest amount a property is worth equal to the amount that would have to be paid to buy equivalent ...

Indeterminate Premium Life Insurance

Nonparticipating life insurance under which the first few annual premiums are smaller than would be ...

Related Real Estate FAQ

What Is A Term?

A term is the length of a loan. ...

What Is A Balloon Mortgage?

A type of mortgage in which the loan amount is amortized over the full length of the loan (usually 3 ...

What Is An Escrow Officer?

An escrow officer - also known as a loan officer - is the person that walks you through the closing ...

What Do I Need To Know About Auto Insurance?

Choosing the auto insurance requires consideration of manyfactors- Take into account everything you ...

What Is A Treasury Index?

A treasury index is an index used to determine interest-rate changes for certain adjustable-rate mor ...

What Is A Maintenance Fee?

A maintenance fee is a charge by condominium associations, co-ops, or other homeowners associations ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews

Agents join here

Add our widget on your Website

Real Estate Advice

How to become a real estate agent Foreclosure - The Pros and Cons of Buying Tax Breaks for the First Time Home Buyer Home Prices - The Extra Costs 6 Reasons you are not selling properties

FAQ

What is a mortgage banker? What does the Real Estate Settlement Procedures Act (RESPA) require? When Should I Get Travel Insurance? What is a counteroffer? What is the APR for This ARM Loan?