Question

    Which of the following principles of Insurance enables

    the insured to claim the amount from the third party responsible for the loss?
    A Insurable Interest Correct Answer Incorrect Answer
    B Principle of Subrogation Correct Answer Incorrect Answer
    C Principle of Contribution Correct Answer Incorrect Answer
    D Double insurance Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    This principle is the right for an insurance company to legally approach a third-party for causing insurance losses to the policyholder. This is done when the insurer pays for the loss to the insured, and then pursues recovery of that amount

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