Waiver

Glossary

A waiver is a release form that a potential insured signs in order to decline coverage. Often, when an employer offers health insurance as part of its benefits package, an employee may sign a waiver declining coverage if his or her spouse can provide better coverage through the spouse’s employer. Another instance where this might occur would be if a homeowner’s insurance coverage offers flood insurance and you choose to decline that particular coverage.

Other Types of Waivers

Sometimes when a person volunteers with a non-profit organization, the organization’s insurance company will request that a waiver of liability be signed in case the volunteer suffers an injury or property damage while on the organization’s property. When you rent a car, if you choose not to obtain the optional insurance coverage, you will likely have to sign a waiver as well. And when your child goes on a school field trip, a waiver is usually provided for your signature in order to protect the school from any liability for injuries that may be suffered by your child while on the field trip.

Many times, a waiver will be required along with proof of coverage, so you are waiving your right to file a claim against the insurance company that requested the waiver on the grounds that you have insurance coverage of your own.