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mr.ajay kapoor was the owner of a toy manufacturing factory. he got his factory insured against fire. his factory caught fire. mr. ajay claim the damages suffered by the property.but doesn't give the damaged factory.what principle is violated?

Posted by Namitha Rk 3 years, 11 months ago

CBSE > Class 11 > Business Studies

1 answers

Gaurav Seth 3 years, 11 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.

Example – If Mr A gets injured in a road accident, due to reckless driving of a third party, the company with which Mr A took the accidental insurance will compensate the loss occurred to Mr A and will also sue the third party to recover the money paid as claim.

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