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In the context of insurance contracts, two key concepts to understand are waiver and estoppel. These terms often appear in the general insurance chapter. Insurance, whether it pertains to homeowners, auto, or health, involves answering specific questions on applications. The information provided influences premiums and coverage. If an applicant leaves a question blank and the insurance company issues a policy nonetheless, the company has waived its right to that answer. Consequently, the insurer cannot penalize the applicant for failing to provide that information. While waiver and estoppel are not heavily tested, being familiar with their definitions can be beneficial, as they may appear in one or two questions.
