knock-for-knock agreement

/nɒk-fə-nɒk əˈgrimənt/ (say nok-fuh-nok uh'greemuhnt)

noun
an agreement between insurance companies, whereby each company bears the loss to its own policy holder without requiring the policy holder to bring an action against the other party involved, as in a car accident.

Australian English dictionary. 2014.

Look at other dictionaries:

  • knock-for-knock agreement — UK US noun [C] INSURANCE ► an agreement between insurance companies in which each pays the claims of its own clients following an accident, whether or not their client is to blame …   Financial and business terms

  • knock-for-knock agreement — ● knock …   Useful english dictionary

  • Knock-for-Knock Agreement — An knock for knock agreement is an agreement between two insurance companies, the policy holders for whom have sustained losses in the same insured event (usually a motor accident), whereby each insurer pays the losses sustained by its own policy …   Wikipedia

  • knock-for-knock agreement — An agreement between motor insurers that they will pay for their own policyholders accident damage without seeking any contribution from the other insurers, irrespective of blame but provided that the relevant policies cover the risk involved.… …   Big dictionary of business and management

  • knock-for-knock agreement — noun Brit. an agreement between insurance companies by which each pays its own policyholders regardless of liability …   English new terms dictionary

  • knock-for-knock agreement — noun An arrangement between multiple insurance companies in which each company pays the losses incurred by its own policy holders in an event regardless of who was at fault (now, used almost only for motor insurance) …   Wiktionary

  • knock — v. & n. v. 1 a tr. strike (a hard surface) with an audible sharp blow (knocked the table three times). b intr. strike, esp. a door to gain admittance (can you hear someone knocking?; knocked at the door). 2 tr. make (a hole, a dent, etc.) by… …   Useful english dictionary

  • Knock-down kit — For other uses of the abbreviation CKD , see CKD. A knock down kit (also styled knockdown kit, knocked down kit, or simply knockdown, and sometimes abbreviated KD) is a kit containing the parts needed to assemble a product. The parts are… …   Wikipedia

  • knock-for-knock — an agreement between insurance companies that has considerable practical effects for many motorists, although not strictly speaking a legal institution. The agreement means that an insurer will, under a fully comprehensive policy, pay the losses… …   Law dictionary

  • Knock-and-announce — Knock and announce, in United States law of criminal procedure, is an ancient common law principle, incorporated into the Fourth Amendment,[1] which often requires law enforcement officers to announce their presence and provide residents with an… …   Wikipedia

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