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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what is the meaning of subrogation
VERB (USED WITH OBJECT) [SUB·RO·GAT·ED, SUB·RO·GAT·ING.]
to put into the place of another; substitute for another.
Civil Law. to substitute (one person) for another with reference to a claim or right.
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.