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A waiver is a demonstration, usually in written form, of a party's intent to relinquish a legal right or claim. The key point to note is that the relinquishment is voluntary, and can apply to a variety of legal situations. Essentially, a waiver removes a real or potential liability for the other party in the agreement.
A lot of people believe that signing a waiver immediately means you are not allowed to sue a venue or establishment if you're injured. However, this is simply not the case. A waiver is intended to inform the participants of an activity of the potential risk of harm.
A liability waiver is a form signed by a party that releases another party from liability for damage or injury. The signed party may incur as part of their participation in an event or activity.
A waiver is a type of exculpatory contract that lets you voluntarily give up certain rights or claims. When you waive something, you might agree to not enforce specific terms of the contract or to not hold the other party liable if something happens. A waiver can also ask you to modify a right.
An example of waiver is a person signing a form releasing the owners of an event location from liability if the person signing the waiver was injured while at the event. A dispensation, as from a rule or penalty.
Liability waivers are enforceable in California solely to the extent they shift to the customer the risk of ordinary negligence.
So waivers are perfectly legal and it's entirely reasonable for you to be asked to sign one. However, a waiver doesn't absolve event organisers or gym owners from having a proper duty of care towards people who have signed a personal injury waiver.
There are two main reasons a company will have you sign a liability waiver: 1) to document in writing that you have been warned of potential risks and 2) to remove their responsibility for injuries that arise from ordinary negligence.
In general, if a swim at your own risk sign is present and visible, but a swimmer is injured anyway, it will generally be assumed that the swimmer knew of the risks and chose to participate anyway.