Answer-The principle of 'subrogation' in insurance refers to:

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Question

The principle of "subrogation" in insurance refers to:

A The insured's right to choose any repair shop Correct Incorrect

B The insurer's right to recover losses from a third party. Correct Incorrect

C The obligation of the insured to mitigate losses Correct Incorrect

D The duty of the insurer to settle claims promptly Correct Incorrect

E None of the above Correct Incorrect

Detailed Solution

Subrogation is the right of the insurer, after paying a claim to the insured, to step into the shoes of the insured and pursue legal action against a third party who may be legally liable for the loss.

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The principle of "subrogation" in insurance refers to:

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