JAMB UTME - Commerce - 1999 | Green Bridge CBT

The principle of subrogation states that

an insured person should be indemnifed to the tune of the amount insured

an insurance company can stand in place of the insured in dealing with third party Richtige Antwort

oly a person who is likely to sufferrd loss should take take out an insurance cover

ther must be a close connection between the actual loss suffered and risk insured

Antwortdetails

The principle of subrogation in insurance means that an insurance company has the right to take over the rights and claims of the insured person after paying the claim. This means that the insurance company can stand in place of the insured person to deal with the third party, who may have caused the loss or damage, in order to recover the amount paid as claim. In other words, the insurance company can sue the third party for the amount of the claim paid to the insured person. This principle helps the insurance company to reduce their losses and also ensures that the insured person is not paid more than the actual loss suffered.

Lies die Unterrichtsnotiz zu Legal Aspect Of Business (WAEC)






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