knock-for-knock agreement

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Definitions of knock-for-knock agreement words

noun knock-for-knock agreement an agreement between vehicle insurers that in the event of an accident each will pay for the damage to the vehicle insured with him without attempting to establish blame for the accident 0
noun knock-for-knock agreement An arrangement between multiple insurance companies in which each company pays the losses incurred by its own policyholders in an event, regardless of who was at fault (now rarely used outside of motor insurance). 0

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A common word. It’s meaning is known to most children of preschool age. About 97% of English native speakers know the meaning and use the word.

Most Europeans know this English word. The frequency of it’s usage is somewhere between "mom" and "screwdriver".

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