👉 Subrogation is a legal concept in insurance and contract law, where an insurer has the right to recover from another party in case of a loss or damage caused by the insured. It is similar to subrogation in tort law, which allows a third party to recover damages for injuries sustained by another party. In insurance, it refers to the right of the insurance company to recover the premium paid on an insurance policy from any other party who has incurred liability under that policy. This means that if
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What is the definition of Subrogor? 🙋
👉 Subrogation is a legal concept in which an entity, known as the "subrogator," takes on the responsibility of recovering funds from another party when there has been a breach of contract or other legal obligation. This involves taking control of the assets and rights of the victim, and using them to pay for the damages that have been caused by the breach. In essence, subrogation is a form of "collateral" recovery, where the subrogator takes on the risk of recovering
What is the definition of Subrogation? 🙋
👉 Subrogation is a legal concept in the context of insurance and property damage claims. In summary, it refers to the right of an insurer or insurance company to recover all or part of any liability that may be owed by another party after an accident has occurred. In this scenario, if the insured party was injured and the other party had caused the accident, the insurer would have the right to recover from the other party any amount of money they owe for the damage. This means that if the other
What is the definition of Subrogating? 🙋
👉 Subrogation, also known as subrogation or insurance subrogation, is a legal process where an insured party's rights are transferred to another party in exchange for payment of damages. This transfer typically occurs when an injured party sues their own insurer (subrogator) and the insurer refuses to pay the amount owed by the insured party. In this scenario, the insured party may have been involved in a collision or accident that resulted in injuries to themselves or others, but the insurance company
