Waiver of Subrogation

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • preventing subrogation

Acronyms

  • WOS

Definition of Waiver of Subrogation

  1. A clause in a property insurance policy that prohibits the insurance company from seeking financial restitution from a third party that causes damage to insured property.

Related Terms and Acronyms

  • Waiver Definition,
    • The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
  • Waiver of Premium Definition,
    • A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
  • Subrogation Definition,
    • When an insurance company has the right to take legal action against a third party for damages.
  • Waiver of Restoration Premium Definition,
    • A provision that frees an insurance policyholder from needing to pay a fee in order to resume coverage after a claim.
  • Indemnity Definition,
    • An arrangement where one party assumes liability for another party.
  • Tortfeasor Definition,
    • A party who commits a tort (a civil wrong).
  • Concurrent Causation Definition,
    • If there is more than one cause of damage in an insurance claim and one cause is covered while the other is not, the insurer is obligated to cover the loss.
  • Tort Definition,
    • An act that causes harm or loss.
  • Tort Law Definition,
    • Civil law or the laws that govern civil lawsuits.
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