Subrogation, Property And Casualty Insurance
Circumstance where an insurance company takes the place of an insured in bringing a liability suit against a third party who caused injury to the insured. For example, if a third party, through negligence, damages an insured's car and the insured's insurance company pays to restore the car, the insurance company has recourse against the third party for the costs involved. The insured cannot sue the third party for damage, since if successful, the insured could collect twice for the same damage.
Popular Insurance Terms
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Factor applied in retrospective rating in order to increase the basic premium to cover state premium taxes for liability and workers compensation insurance. For example, if a state premium ...
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actual fire losses divided by the total value of the property exposed to the peril of fire; actual losses resulting from fire divided by the total fire amount of in-force business. ...
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Buy or sell order for security that expires at the end of the trading date on which it was entered if not executed. ...
Insurance coverage purchased on the same item from two or more insurance companies. ...
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