The dynamic behavior of an Electrowetting on Dielectrics (EWOD) actuation process can be linked to certain fluid properties of the actuated polar fluid droplet. After actuation, inertia will lead to droplet oscillations until the contact angle finally adapts to the newly created surface tension equilibrium. The decay behavior, frequency and amplitude of these oscillations can be related to material parameters such as density, viscosity and mass. In this work we study the characteristics of these oscillations, present simulation results as well as measurements on deionized water droplets, and point towards applications for future Lab-on-a-chip applications.