At Culture Goal Online, we are constantly looking for ways to make complex materials seem less intimidating and scary – including insurance policies. Insurance companies are great at taking a simple concept and wrapping it in so much legal language that you actually get scared to buy a policy. Some policies however, actually do make sense. One such policy is the waiver of subrogation endorsement form. A waiver of subrogation endorsement form is actually very simple. It is just an endorsement to an insurance policy – that endorsement waives the insurance company’s rights of subrogation. Wait? What is subrogation you ask? Subrogation is the legal right held by all insurance companies to stand in the shoes of their insured after they have paid out on their policy. Now we can put it all together. A waiver of subrogation endorsement form is an endorsement that eliminates the subrogation rights of the insurer to the insured. Waiving subrogation takes the idea of liability off the table, leaving the parties free and clear of each other.
What is the value of knowing about all these little things? It is simple. The more educated you are on legal documents and terms, the easier it will be to manage your life. Law touches everything. Let’s put it another way – you know how when you go to purchase insurance the agent upsells you everything under the sun? That is because it is in their best interest to make you buy a policy with all the bells and whistles. If you know little things such as what a waiver of subrogation endorsement form is, you are more likely to know which coverages you actually need – and more importantly which ones you do not! Voila – you saved yourself a few dollars on your insurance policy!
Speaking of being in everything, culturegoalonline.com discusses the connection between law and technology. In this article posted on Culture Goal Online, we see that both watch technology and our legal system do in fact share a birthday. This is certainly an interesting way to look at how law and other areas of life do connect. It is this type of fun information that makes reading culturegoalonline.com so enjoyable.
Now here is an example of when knowing and understanding what a waiver is might help you. You are planning a vacation in a foreign country and you skip signing up for travel insurance. You end up getting hurt and seeking medical attention. You ultimately look at your hospital bill and realize that had you purchased insurance the insurance company would likely have waived your liability, meaning you would not have had to pay the bill yourself – instead the insurance company would have made payments on your behalf.
For more information on insurance and legal rights, you can visit Consumer Financial Protection Bureau.
