subrogation
Aussprache: [ˌsʌb.roʊˈɡeɪ.ʃən]
Wort
Kontext: „legal“
(noun) subrogation is when someone takes over the rights of another person, usually in an insurance situation. It happens when an insurance company pays for damages and then has the right to collect money from the person who caused those damages.
Beispiel
After the car accident, the insurance company used subrogation to recover the costs from the at-fault driver.
Beispiel
Without subrogation, the insurance company would not be able to reclaim the money it spent on the claim.
Beispiel
What does subrogation mean in an insurance policy?
Kontext: „finance“
(noun) subrogation can also describe the act of replacing one creditor's rights with those of another. This often happens when a lender pays off a loan and wants to collect the money from a different party.
Beispiel
The bank used subrogation to take over the rights to collect the debt after paying off the loan.
Beispiel
The process of subrogation failed when the lender could not claim any rights to the debt.
Beispiel
Can you explain how subrogation works with creditors?
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