Subrogation is a term that describes the legal right of most insurance companies to legally pursue a third party that has caused insurance loss to an insured person.
Typically, in most cases of subrogation, the individual’s insurance company pays its customer’s claim directly and then claims the other party’s insurance company.
Subrogation is most common in an auto insurance policy, but also occurs in property/casualty and health insurance claims.
Subrogation allows the insurer of the guilty party to pay damages to the insurance company of the victim.
This insurance company will then reimburse the insured along with the deductibles paid.
With an indirect loan, the lender does not have a direct relationship with the borrower who took the loan from a third party organized by an intermediary.
Underinsured motorist insurance provides protection in the event of an accident in which the driver at fault does not have sufficient insurance to cover all losses.
The underinsured motorist coverage limits trigger provides insurance coverage for damage caused by a guilty motorist without proper auto insurance to fully cover the damage of the other injured party.