If the insured has been fully indemnified, the insurers are entitled to take any advantage due the insured. The principle of insurance involved is?
Question 1 Report
If the insured has been fully indemnified, the insurers are entitled to take any advantage due the insured. The principle of insurance involved is?
Answer Details
The principle of insurance involved in the given scenario is subrogation. Subrogation is a legal principle that allows insurers, after fully indemnifying the insured, to step into the shoes of the insured and take any advantage or right that the insured may have had against a third party. This allows insurers to recover some or all of the amount they paid out in claims from the responsible third party.
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