Question

Define the Principle of Subrogation.

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Answer 1

Hey mate, here is your answer -:)

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It refers that when the insurer compensates the insured then all the rights related to the subject matter of insurance get transferred to the insurer.

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Answer 2

the Principle of Subrogation is a term for a legal right of most insurance companies. An important part of most property insurance policies, it states that if a third party damages the insured's property, the insured has to transfer their right to sue the third party to their insurance company before the insured can receive payment for their insurance claim. By accepting the payment, the insured agrees to transfer over their right to sue.

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