What is the definition of Waiver?

A Waiver refers to a signed document releasing or surrendering a privilege or right.

From the part of the insurance company, it may be a document signed by the policyowner stating that it has been offered certain coverage but he opted to turn it down. For instance, an employer offers the employee health insurance as part of the employee benefit package. However, if the spouse's employee benefit program provides a better offer, the employee may sign a waiver refusing the health coverage.

For the part of the insured person, the insurance company may offer a waiver, such as a waiver of premium - that waives the need for the insured person to pay a premium if the insured person becomes totally disabled.

• Insolvency
• Misstatement of Age or Sex Provision
• Modified Premium Policies
• Moral Hazard
• Comprehensive Coverage