Anshuman had taken a Car Insurance …
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Anshuman had taken a Car Insurance Policy of Rs. 3,00,000 from Tata AIG Insurance. His car was stolen. After completing all the legal formalities, Tata AIG paid the full policy amount to him. However, after 1 year, the Police recovered the stolen car. Now, Anshuman wants to sell the car to realize money from it, while Tata AIG claims to have a right over it. Identify and state the principle of insurance which is applicable in the given case. Also, the state has the right over the Car.
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Gaurav Seth 5 years, 2 months ago
Principle of Subrogation
Subrogation means one party stands in for another. As per this principle, After the insured, i.e. the individual has been compensated for the incurred loss to him on the subject matter that was insured, the rights of the ownership of that property goes to the insurer, i.e. the company.
Subrogation gives the right to the insurance company to claim the amount of loss from the third-party responsible for the same.
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