WAEC - Commerce (2017 - No. 43)
under the principle of subrogation, the insurer has the right to?
abrogate the contract
re-insure the property
take over any legal rights of the insured
take over all the liabilities of the insured
Explicaţie
In simple words, the Subrogation Principle in Insurance means; when the insurer (insurance company) pays full compensation for any insured loss (of insured property), the insurer (insurance company) holds the legal right (claim) of the insured property.