What does Residual Value Insurance mean? Read on to discover the definition & meaning of the term Residual Value Insurance - to help you better understand the language used in insurance policies.
Residual Value Insurance
Guarantees the owner of leased personal property (e.g., autos or equipment) a particular value at a specified future date, usually the termination of the lease. Covers the difference between the actual liquidated value of property returned to the insured lessor and the expected value of the property specified in the policy.
We hope the you have a better understanding of the meaning of Residual Value Insurance.