What do you call the voluntary relinquishment of a known right?

The voluntary relinquishment of a known right is defined as a waiver. A waiver occurs when an individual or entity intentionally gives up a legal right or privilege, either through explicit declaration or through conduct that suggests an intention to forgo that right. This concept is often utilized in various legal contexts, including contracts and insurance, to affirm that one party will not enforce a particular right against another party, thereby allowing flexibility and varying interpretations of agreements.

In the context of insurance, waivers can be critical. For example, an insurer might waive its right to enforce a specific provision against a policyholder if the insurer has acted in a way that suggests it won’t enforce that provision. A waiver must be clear and intentional, showing that the party understands their right and chooses not to enforce it.

Other options provided relate to similar but distinct concepts. Estoppel prevents a party from arguing something contrary to a claim made or implied by their previous actions or statements. Exemption generally refers to being free from an obligation or restriction, often due to specific circumstances or qualifications. A concession involves acknowledging a point in favor of another party during negotiations, which is not the same as relinquishing a right. Hence, waiver clearly aligns with the definition provided in the question.