West Virginia Adjusters Practice Exam

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When an insurer takes no action upon realizing material changes in a contract, this is called:

an implied waiver.
an express waiver.
a negligence waiver.
a silent waiver.

The correct answer is: an implied waiver.

An implied waiver is when an insurer takes no action upon realizing material changes in a contract. This is different from an express waiver, where the insurer explicitly waives certain terms or conditions in the contract. A negligence waiver is unrelated to this concept, as it pertains to waiving liability for negligence. A silent waiver is also incorrect, as it implies the insurer has taken no action, but in this scenario, the insurer has deliberately chosen not to take action.