What is the term for giving up a known right voluntarily?

The term that refers to giving up a known right voluntarily is "waiver." In the context of insurance and legal agreements, a waiver occurs when an individual consciously decides not to enforce a particular right or claim that they are entitled to. This decision is typically made with full knowledge of the implications and consequences associated with relinquishing that right.

For example, in an insurance policy, a policyholder might waive their right to file a claim for a specific incident by agreeing to a settlement or by failing to meet certain notification requirements. By doing so, they relinquish their ability to pursue that claim later.

Understanding the concept of waiver is crucial, particularly in legal and insurance contexts, as it can significantly impact a party's rights and responsibilities. This principle underscores the importance of being aware of one's rights before deciding to waive them, as the implications of such a decision can be far-reaching.

The other terms listed have different meanings. "Disclaimer" typically involves renouncing an interest or responsibility, "estoppel" prevents someone from arguing something contrary to a claim they already made or accepted, and "surrender" usually refers to giving up something entirely, such as an insurance policy itself, but does not specifically emphasize the voluntary relinquishment of a right as clearly as waiver