GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The legal process by which an insurance company, after paying a loss, seeks to recover the amount of the loss from another party who is legally liable for it is termed as ____
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Subrogation
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Subjective Risk
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Straight Life Annuity
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Structured Settlement
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Explanation:
Detailed explanation-1: -Subrogation in insurance is a legal right of the insurance company to legally pursue a third-party responsible for the damages/insurance loss caused to the insured. Subrogation is done to recover the claim amount insurance company pays to the insured for the damages.
Detailed explanation-2: -Subrogation in insurance is a term used to describe a legal right the insurance company holds to legally pursue a third-party responsible for the damages caused to the insured.
Detailed explanation-3: -The doctrine of subrogation does not put an end to the rights and duties of the insured. It only allows the insurer to recover the claims paid by it to the insured from the third party.
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