GLOSSARY
This Insurance Glossary of Terms is produced and maintained by the National Alliance Research Academy. 
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Waiver

Waiver- 1) Legal concept that holds a party who intentionally or voluntarily relinquishes a known right, claim, privilege, or the opportunity from taking advantage of that relinquishment; 2) in insurance practice, a pre-event relinquishment of the right of one or both parties’ insurers to seek recovery from a culpable party for loss payments made to the insured.