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Waiver and estoppel are terms related to insurance contracts, appearing primarily in the general insurance chapter. It's important to understand their definitions, as they may lead to one or two questions in exams. When completing an insurance application, insurers ask about details such as your vehicle or property to assess premiums and coverage. If a question is left unanswered and the insurance company still issues a policy, it means they've waived their right to that information and cannot penalize the applicant for the omission. Understanding these concepts is crucial for navigating insurance applications and obligations.