New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The legal process by which an insurance company, after

    paying a loss, seeks to recover the amount of the loss from another party who is legally  liable for it is termed as?
    A Straight Life Annuity Correct Answer Incorrect Answer
    B Subrogation Correct Answer Incorrect Answer
    C Structured Settlement Correct Answer Incorrect Answer
    D Subjective Risk Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Subrogation is a term describing a legal right held by most insurance carriers to legally pursue a third party that caused an insurance loss to the insured. This is done in order to recover the amount of the claim paid by the insurance carrier to the insured for the loss.

    Practice Next