[W002]

waiver
1) In property-liability insurance, the intentional relinquishment of a known right. To illustrate, an insurance policy may set forth certain conditions with which a policyholder must comply under penalty of voiding the insurance, e.g., maintain a watchperson on the premises or keep a sprinkler system in working condition. The company may voluntarily give up this right to void the policy. Such a waiver may be conveyed by implication or by direct statement. Estoppel is a term sometimes used interchangeably with waiver in the law of insurance.

2) A waiver-of-premium provision in a life or health insurance policy that the policy will be kept in force by the insurer without payment of further premiums if the insured becomes permanently and totally disabled as defined in the policy.