New York State Life Insurance Exam Questions Practice Question
An insurer's intentional relinquishment of a known right is
Correct Answer: A
Rationale: A waiver refers to the intentional relinquishment of a known right, making it the best choice for this scenario. It signifies that the insurer has consciously decided to forgo a specific right or claim.
An endorsement (B) is an amendment or addition to an insurance policy, not a relinquishment of rights. A surrender (C) involves giving up a policy or benefit, but it typically requires a formal process rather than a simple relinquishment. A declaration (D) is a statement or announcement, not related to the relinquishment of rights. Thus, only a waiver accurately captures the concept of intentionally giving up a right.
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