Step 1: Meaning of "ipso facto''
- It is a Latin phrase meaning "by the fact itself.''
- It indicates that something happens as a direct consequence or by the very nature of something else without needing further proof.
Step 2: Why other options are incorrect
- (A) Automatic revocation is not the general meaning of ipso facto.
- (B) Voluntarily giving up rights is "waiver,'' not ipso facto.
- (D) Asserting claim against a third party is unrelated.
Thus, option (C) is the correct meaning.