abandonment

1. The voluntary surrender of an asset without compensation and without identifying a new owner.
2. In insurance, surrender of an insured asset by the insured to the underwriter. For example, an insured vehicle owner may abandon to the insurance company a wrecked vehicle that has been declared a total loss.
3. Termination of a patent application, generally because of a failure on the part of the applicant to reply to a request from the U.S. Patent and Trademark Office.
4. See expiration.