BUISENESS MANAGEMENT
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Subrogation arising out of contract
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Subrogation arising out of a statute
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Subrogation arising out of salvage
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Subrogation arising from tort
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Detailed explanation-1: -Subrogation allows an insurer to recoup the repair cost from the third-party’s end, who is liable for the damage to the insured vehicle. In this way, you and your insurer can get a refund from third-party/third-party’s insurer.
Detailed explanation-2: -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.
Detailed explanation-3: -Property Damage: In case of property damage of the third-party, a claim can be filed through the Motor Accident Claims Tribunal within the jurisdiction of the accident.
Detailed explanation-4: -The Principle of Indemnity The insurance company promises to compensate the policyholder for the amount of the loss up to the amount agreed upon in the contract.