The transfer of the right of recovery from the insured to the insurance company is called:
Subrogation in insurance and reinsurance Show
Produced in partnership with Eleanor Ruiz of Reed Smith and Mark Pring of Reed SmithThe following Insurance & Reinsurance practice note produced in partnership with Eleanor Ruiz of Reed Smith and Mark Pring of Reed Smith provides comprehensive and up to date legal information covering:
What is the right of subrogation?In the context of insurance and reinsurance, the right of subrogation entitles an insurer or reinsurer, having indemnified the (re)insured, to ‘step into its shoes’ to bring an action in the (re)insured’s name. For the purpose of this Practice Note, ‘insurer’ should be taken to mean ‘(re)insurer’ and ‘insured’ should be taken to mean ‘(re)insured’. The insurer can then exercise any of the insured’s rights or remedies against third parties in respect of the insured event. Once the insured has been indemnified by the insurer, the scope of the insurer’s rights and remedies is coextensive with the insured’s rights and remedies against third parties in respect of the relevant loss. This includes any right in contract (fulfilled or unfulfilled), tort, or any other right, be it legal or equitable. Once the right of subrogation arises, the insurer may be subrogated to both the rights of the insured and any benefits the court may award to the insured, including costs and judgment debts. The insurer’s right to subrogation can be conferred in a number of different ways:
Statutory right MIA 1906, s 79 does not provide a comprehensive statement of
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AAge
Annuity
Application Form
Synonyms: Proposal Form Assignment
BBancassurance
Bundled Product Disclosure document
CCareShield Life
Cash Dividend
Cash Value
Synonyms: Surrender Value Claim
Co-Insurance
Commission
compareFIRST
Cover Page
Coverage
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Critical Illness Insurance
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Synonyms: Accelerated death benefits Long-Term Care Insurance
MMaturity Date
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Synonyms: Collective Investment Scheme (CIS) Universal Life Insurance
• Protection-oriented universal life plans that provide high insurance coverage, these are typically whole of life plans; or
VVoiding a policy
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Whole Life Insurance
What is it called when an insurance company transfers part of their risk to another insurance company?Issue: Reinsurance, often referred to as “insurance for insurance companies,” is a contract between a reinsurer and an insurer. In this contract, the insurance company—the cedent—transfers risk to the reinsurance company, and the latter assumes all or part of one or more insurance policies issued by the cedent.
What is the right of subrogation?Subrogation means, in a legal sense, one party has the right to "step into the shoes" of another party to bring a claim for damages against a negligent third party.
Which term means the transfer of rights and remedies of the insured to the insurer who has indemnified the insured in respect of the loss?The doctrine of subrogation confers upon the insurer the right to receive the benefit of such rights and remedies as the assured has against third parties in regard to the loss to the extent that the insurer has indemnified the loss and made it good.
What is the meaning of Subrogate?subrogate in American English
1. to put into the place of another; substitute for another. Civil Law. to substitute (one person) for another with reference to a claim or right. Derived forms.
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