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
Gain that occurs when the move in the underlying asset in one direction is similar to the loss when the underlying asset moves in the opposite direction. For example, if a stock goes up by ...
Instrument that guarantees compliance with various city, county, and state laws that govern the issuance of a particular license to conduct business. ...
Difference between the actuarial equivalent (rate) and the often lower rate actually charged to insure a risk. ...
recipient. insurance company that receives a premium payment from a payer. insured or beneficiary who receives a loss or benefit payment from an insurer. ...
Maximum limit of liability of an insurance company for a particular claim or kind of loss that is applicable in general to all such claims or losses. This maximum limit of liability is ...
In insurance, debit agents list of total premiums to be collected. This also applies to the geographical area in which an agent collects the premiums. ...
Single insurance policy for only one kind of property at only one location of an insured. For example, property insurance on a rare piano in the insured's home would cover only that piano, ...
Policy permitting an insured to choose desired coverages. These policies are important for items with relatively low limits of coverage under standard property insurance forms. For example, ...
Excess of loss reinsurance written on a facultative reinsurance basis to provide cover for a particular PRIMARY INSURANCE policy. ...
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