__________________ refers to the right of the insurer to stand in the place of the insured, after a settlement of a claim, as far as the right of insured in respect of recovery from an alternative source is involved.

utmost good faith

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Insurable Interest

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Indemnity

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Subrogation

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Solution

The correct option is D
Subrogation

Subrogation refers to the right of the insurer to stand in the place of the insured, after a settlement of a claim, as far as the right of insured in respect of recovery from an alternative source is involved.

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Similar questions

Name the principle of insurance for each of the following statements:

(a)The insured is expected to disclose all the important facts related to the property insured.

(b) Insured must have some economic interest in the subject matter of Insurance contract.

(d) Insured is entitled to recover the loss suffered by him, up to the limit of policy amount

Which of the function explains the following :

After the insured is compensated for the loss or damage to the property insured by him or her then the right of ownership of such property is passed on to the insurer.

Mr.Rakshit took an insurance policy against his car after four months he sold it to Mr Sharma. The car was stolen from outside of Mr Sharma's house. Mr.Rakshit made a claim to insurance company. His claim was rejected on the grounds that Mr Rakshit was no longer the car ower, so he has no insurable interest and he has no financial loss with the loss of the car. Was Mr Rakshit right in making a claim?

Q. A prepayment of insurance premium will appear in the Balance Sheet and in the Insurance Account respectively as.

Q. Legal expenses in respect of claims of an insurance company is shown in _________.

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__________________ refers to the right of the insurer to stand in the place of the insured, after a settlement of a claim, as far as the right of insured in respect of recovery from an alternative source is involved.

The correct option is D Subrogation Subrogation refers to the right of the insurer to stand in the place of the insured, after a settlement of a claim, as far as the right of insured in respect of recovery from an alternative source is involved.

The correct option is D
Subrogation

Subrogation refers to the right of the insurer to stand in the place of the insured, after a settlement of a claim, as far as the right of insured in respect of recovery from an alternative source is involved.