noun
Meaning 1
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).
Definition source: English Wiktionary via Wiktextract
No example sentence was provided for this meaning.
Meaning relationships
Synonyms: knock-for-knock clause, knock-for-knock contract
Antonyms: none provided