What principle indicates that a person has given up a known or legal right?

The principle of waiver signifies that a person has voluntarily relinquished or given up a known legal right. In legal contexts, this can refer to various rights, such as the right to enforce a contract, pursue a legal claim, or assert a defense. When a party waives a right, they effectively acknowledge that they will not be able to later assert that right, which can have significant implications in both contractual and tort law.

Waiver can occur explicitly, where a party clearly communicates their intention to forgo a right, or implicitly, where their actions suggest that they are not going to enforce the right. This principle is important in the context of surplus lines insurance in South Carolina, as insured parties must be aware of their rights and any potential waivers that may affect coverage.

The other terms, while related to legal concepts, refer to different principles. Indemnity involves compensating for losses or damages; estoppel prevents a party from asserting something contrary to what was established as truth in previous actions; and subrogation is the right of an insurer to seek recovery from a third party after they have paid a claim. Each plays a distinct role in legal and insurance frameworks, but waiver specifically pertains to the voluntary relinquishing of a right.