"Waive"? No. Some protection, up to the limits of policy? Yes. If I incur $200K in medical bills because of your negligence in an accident, and you're insured

"Waive"? No. Some protection, up to the limits of policy? Yes. If I incur $200K in medical bills because of your negligence in an accident, and you're insured for $100K? I'm taking that $100K from your insurer, and filing suit against you for the other $100K. (Whether or not I'll get it, and how quickly, etc., is a separate matter, but you don't get to say "Oh, no, I was insured, and they paid you, so I am indemnified now, regardless of how well that payment reflected what you were entitled to.")