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).
Popular Insurance Terms
Actuarial equivalent method of calculating the premium rate through the development of the following equation: probability that the event insured against occurs x face amount of policy x ...
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Initial premiums on all insurance policies in force (those policies that have not been cancelled or expired). ...
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