An insurance company receives an application with some information missing and issues the policy anyway. What is this called?

The correct answer to the following question is Waiver.

Explanation:

The term waiver can be defined as a legally binding provision, in which either of the parties entered in a contract, in their own free will forfeits a claim, and other party would not be liable. These waivers can be in written from or in some sort of action. Here the insurance company has removed the potential liability of the person who has filled the application form.