1. Agreement attached to an insurance contract eliminating a specific preexisting condition or certain hazard from coverage. Also known as exclusion amendment, endorsement , or rider . 2. Exception to the usual requirements of Medicaid in which state Medicaid agencies must apply and receive permission to provide a service not usually covered by Medicaid.
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US: An agreement attached to a policy which exempts from coverage certain disabilities or injuries that otherwise would be covered by the policy.
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An agreement attached to a policy which exempts from coverage certain disabilities normally covered by the policy.
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Renunciation or abandonment of a right, whereby right is lost, extinguished and may be either expressed or implied. A waiver is an intentional relinquishment of such right. There can be no waiver unless the person against whom the waiver is claimed has full knowledge of his rights and of facts which would enable him to take effectual action for the enforcement of such rights. No one can acquiesce in a wrong while ignorant that it has been committed and the effect of his action will be to confirm it.
Insurance Encyclopedia
Waiver (General Insurance Terms/Legal Terminology)
An added portion of the contract that waives liability if the injury occurs due to a particular cause or a certain sickness. This term can also refer to a contract stipulation or waiver stating that premium payments are not required if the insured is affected by a disability for a period of time. This term can also refer to the relinquishing of an existing privilege.
Waiver and Estoppel
Doctrines under which the insured may claim with having degrees of success that some action by the Insurer or its Agent caused it to lose the right to deny the claim on the basis of some violation by the insured.
Waiver clause
Marine insurance clause that entitles both the insurer and the insured to take measures to rent or reduce loss without prejudice to their respective rights. They do not by their actions take up a fixed position on abandonment or a constructive total loss.
Waiver of Coinsurance
A provision in a Property coverage policy that the coinsurance clause will not apply if the total loss does not exceed a state amount. The reason for such a provision is to eliminate having to do a large inventory in order to determine whether or not the insured has complied with the coinsurance clause, especially where very small losses are involved.
Waiver of coinsurance (Property Insurance)
Clause that states that the coinsurance requirement will not be considered in effect.
Waiver of deductible
Provision in a health insurance policy in which the insured does not have to pay the initial deductible if medical expenses result from an accidental injury.
Waiver of liability
1. Provision of the Social Security Act, Sections 1842(1) and 1879, that protects the patient from financial liability when Medicare denies or reduces payment for a service or item based on it being considered as ‘not reasonable and necessary’; under this provision, the patient may not be required to pay the provider for a service, if certain conditions are met. 2. In the Medicare program, provision that a beneficiary is not responsible to pay for a medical service if he or she was not informed that the service would not be covered by Medicare. Also see Advance Beneficiary Notice (ABN) .
Waiver of liability agreement
See: Advance Beneficiary Notice (ABN) .
Waiver of premium
Health/life policy option whereby the insurer waives premiums when the insured is incapacitated through sickness or disability. Similar provisions are available in personal pension schemes when the provider agrees to credit ongoing premiums for the benefit of the scheme member.
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A provision that under certain conditions the Insurance Policy will be kept in full force by the Insurance Company without the payment of premium. It is used quite often as a total and permanent disability benefit and may be available in certain other cases.
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A provision included in some policies which exempts the insured person from paying premiums under loss-of-income policies while the insured is collecting loss-of-income benefits or during a period of total disability, and under some hospital and surgical expense policies while the insured (or spouse) is totally disabled.