Business Studies

Write short notes on the following : 
Principle of subrogation.


SOLUTION
The principle of Subrogation refers to the right of the insurer to stand in the place of the insured, after settlement of a claim, After the insured is compensated for the loss or damage to the property insured by him by the insurer he has no right of ownership. 
The right of ownership of such property passes on to the insurer. Thus, the insured is not allowed to make any profit, by selling the damaged property or in the case of lost property being recovered.
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