Thread: Cookies?
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There are essentially two types of cookies that OW shows you when you're looking at cookies. It shows you permanent and temporary cookies (not the exact names, but helps explain better.) Temporary cookies go away when you close the browser window or quit, no matter what your cookie prefs say. Also, they'll be rejected if you set cookies to be rejected.

For your last question, the cookies should be discarded when quitting if you have that pref selected.