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The doctrine of Waiver of rights is based on the premise that a person is his best judge and that he has the liberty to waive the enjoyment of such rights as are conferred on him by the State. However, the person must have the knowledge of his rights and that the waiver should be voluntary.
It is an act of voluntarily giving up a right, and can apply to a variety of legal situations including knowingly giving up a legal right such as a speedy trial, a jury trial, giving up some rights in a settlement talk, or not enforcing a term of contract.
If someone is the claimant in, say, a car accident, an insurance company would have the claimant sign a waiver as part of their settlement offer. This means that although the insurance company is paying a settlement to the claimant, the claimant can no longer pursue legal action against the insurance company.
What Is a Waiver of Premium Benefit in Life Insurance? The waiver of premium provision gets you off the hook for premium payments if you meet certain conditions. For instance, if you become disabled or ill, the insurance company may allow you to stop making premium payments and keep your coverage.
Most companies are not willing to negotiate extra pay for people who forego benefits. If you bring this up before your offer is firm, it might even hurt your chances a little to bring this stuff up.