What Is the Meaning of Subrogation?

Answer

Subrogation is whereby an insurance company seeking reimbursement from the person or entity legally responsible for an accident after the insurer has paid out money on behalf of its insured. After paying your claim, your insurer is subrogated to the rights of your policy and can sue the negligent party on your behalf. There are different types of subrogation like lenders subrogation rights and bankers subrogation rights.
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Subrogation
A term denoting a legal right that is reserved by most insurance carriers. Subrogation is the right for an insurer to pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim pai... More »
Subrogation refers to an insurance company seeking reimbursement from the person or entity legally responsible for an accident after the insurer has paid out money on behalf of its insured. It is a legal term where one party steps into the shoes of another party so as to have their rights against a third party.
Subrogation refers to act of substituting of one creditor for another.
Subrogation is the substitution of a person for another, especially a legal doctrine of substituting a creditor for another. In law, Subrogation is defined as the substitution of a person or a thing for another. The person who takes the place of the creditor legally becomes the beneficiary of the property in question.
Subrogation is the substitution of one person for another so that the person substituted succeeds to the rights of the other. In an insurance contract, an insurer who indemnifies his insured against the loss of goods may be subrogated to the insured person’s rights against a third party whose negligence caused the loss and thus recover the loss by charging the third party.
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