- 1 Marks
Question
State the principle of law which has been formulated to do equity between two or more insurers where one of them has fully settled the claim of the insured in respect of which both or all of them are liable.
Answer
Subrogation
Explanation:
Subrogation allows an insurer that has fully settled a claim to seek recovery from a third party responsible for the loss or from another insurer who shares liability.
- Tags: Business Law, Insurance, Subrogation
- Level: Level 1
- Topic: Law Relating to Banking
- Series: MAY 2012
- Uploader: Theophilus