What does subrogation mean?
noun
The act of taking over the rights and responsibilities of another person or entity, especially in relation to a debt or insurance claim. This can occur when a third party, such as an insurance company, assumes the rights and duties of another party, often in a contractual agreement.
Example
"The insurance company exercised subrogation to recover the costs of repairing the damaged vehicle from the at-fault driver's policy."
Definition generated by AI and curated by RJS Tech Solutions LLP.