Alberta General Insurance Level 1 Practice Exam

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What is a waiver in insurance terms?

  1. A discount on the premium

  2. The voluntary relinquishment of a known right

  3. A mandatory fee

  4. A temporary suspension of coverage

The correct answer is: The voluntary relinquishment of a known right

A waiver in insurance terms means that a policyholder voluntarily gives up or releases a known right or privilege. This could refer to something like a pre-existing condition exclusion or a coverage exclusion. In contrast to the other options, a waiver does not involve discounts, fees, or temporary suspensions; it is a permanent relinquishment of a known right.

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