What term describes an agreement that prevents an insurer from claiming against a third party responsible for a loss?

The term that accurately describes an agreement preventing an insurer from claiming against a third party responsible for a loss is a waiver of rights. In this context, a waiver of rights explicitly relinquishes the insurer’s ability to pursue recovery from the third party, thereby acknowledging that they will not assert a claim to reclaim losses. This type of agreement is significant in the insurance industry as it can impact the insurer's financial liabilities and the claims process, allowing the insured to avoid potential conflicts and maintain a relationship with the third party without fear of legal action.

In contrast, a subrogation clause typically allows the insurer to pursue a third party for costs incurred after paying a claim to the insured. A hold harmless agreement is often used to protect one party from liability or legal claims of another, while an indemnity agreement seeks to provide compensation for loss or damage. Each of these terms relates to different aspects of managing liability and recovery in insurance, but a waiver of rights specifically addresses the abandonment of the right to claim against third parties.