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abdicate (verb) renounce; give up.
'abdicate' consists in giving up some thing of great value especially a high position. When a Prince is willing to give up his right to the throne and likes to live as a common man, he abdicates the throne.
- In the Ramanyanam, to help his father keep his word, Lord Sri Rama abdicated the throne in favor of Bharata.
- King Edward VII of England abdicated the throne to marry a woman without royal connections.