What term refers to the intentional act of relinquishing a known right, claim, or privilege?

The term that refers to the intentional act of relinquishing a known right, claim, or privilege is "waiver." A waiver occurs when an individual or entity voluntarily gives up a right or the ability to enforce a claim or privilege that they are legally entitled to. This act must be intentional and often requires the person to be aware of what rights they are relinquishing.

In the context of insurance and legal agreements, waivers can protect one party from liability, as the other party agrees to hold them harmless for certain actions or events. For instance, a person may sign a waiver before participating in an activity that includes potential risks, thereby agreeing not to hold the organizer liable for injuries.

The other options — exemption, release, and consent — refer to different concepts. An exemption usually involves being free from a duty or obligation, a release typically means to discharge another party from liability or claims, and consent is the agreement to allow something to happen but does not include the idea of relinquishing a right.