Florida Insurance Claims Adjuster License Practice Exam

What characterizes an Express Waiver?

1. When a waiver is assumed from someone's behavior.

2. When the insurer gives up a right under the contract knowingly.

3. A waiver included in the insurance terms and conditions.

4. A legal document signed by the insured only.

The correct answer is: When the insurer gives up a right under the contract knowingly.

An Express Waiver is when an insurer willingly and knowingly gives up a right under the contract. This means that there is a clear understanding between both parties that a waiver was made. Options A, C, and D are incorrect because they do not fully encompass the concept of an Express Waiver. Option A implies an assumed waiver without clear communication, option C suggests that a waiver is only included in the terms and conditions rather than actively given up, and option D only mentions the insured when both parties are involved in the waiver. Therefore, option B is the most accurate definition of an Express Waiver.