Question
What is the principle of subrogation in insurance?Â
Solution
Explanation: The principle of subrogation in insurance refers to the right of an insurer to step into the shoes of its insured and seek recovery or reimbursement from a third party who is responsible for causing the loss or damage. When an insurer pays a claim to its insured, it essentially acquires the rights of the insured against the responsible party.
Kumar spent 20% of his monthly salary on rent, 40% of his remaining salary on food and clothes, and saved the rest. If he saved Rs. 9,600 and the amount...
'M' and 'N' have a combined income of Rs. 1,80,000. 'M' spends 65% of his income, whereas 'N' spends 60% of her income, resulting in 'N's savings being ...
Anita has some money left after spending 20%, 10% and 30% of monthly salary on rent, electricity and shopping respectively. The remaining money with Ani...
- In a company of 6000 employees in 2022, 70% were engineers and the rest were managers. In 2023, if the number of engineers increased by 20% and the number ...
In an election, two candidates A and B participated. 2⁄5 of the voters promised to vote for A and rest promised to vote for B. On the voting day 2...
- Sarla had Rs. 8000 in total. She spent x% of this amount on food. After that, she spent (x + 20)% of the remaining money on rent. Additionally, she spent R...
A man has Rs. 15,000 with him. He gives away 12% of this for charity, 15% of the remaining amount for education, and 20% of the new remaining amount for...
A shopkeeper charges sales tax of x% up to Rs, 2000 and above it he charges y%. A customer pays a total tax of Rs. 320, when he purchases the goods wort...
- The cost of tea increased by 25%, so Meena reduced her consumption by 20%. Calculate the percentage change in her expenditure on tea.
The ratio of the number of males and females in an apartment is 14:11. If 25% of the males and 25% of the females read newspapers out of 200 persons, t...
Relevant for Exams:
