Explain the principle of subrogation. Provide a mathematical example of its use
What will be an ideal response?
Subrogation allows a party to collect from a negligent third party to the extent that they have paid for the rights. John's car is damaged $5,000 by a negligent driver and collects $4,500 due to a $500 deductible. The insurer subrogates against the negligent driver for payment. If the insurer collects anything it goes to John to first collect the $500. Any collection in excess goes to the insurer.
You might also like to view...
Campbell is the world's largest soup company, commanding about 80% of the U.S. canned soup market. However, the company has a presence in only 6% of the world's soup markets
Russians eat 32 billion servings of soup each year, and the Chinese consume 300 billion! By contrast, Americans eat 15 billion servings each year. Sensing a huge opportunity, Campbell has dispatched teams to observe Russian and Chinese habits. This type of interpretation and decision is based on: A) demand pattern analysis. B) income elastic analysis. C) time series displacement. D) polycentrism. E) comparative analysis.
The World Trade Organization (WTO) appellate body hears appeals that are limited to issues of law, not fact
Indicate whether the statement is true or false