What best explains the principle of subrogation in insurable?
- Both parties of the insurance contract must deal openly and honestly with each other and disclose all relevant facts
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The right that a person has to stand in the place of another and enjoy all the rights and remedies of that other person
- There must be a close connection between the risk insured against and the cause of the loss
- The insurer who insures the same risk with more than one insurer can only recover to the extent of the loss and nothing more, in the occurrence of the event
- The insured discloses all the material facts which would affect the premium which the insurer charges