Question

In the context of insurance, what is subrogation?

a.

A type of insurance fraud

b.

A method of settling disputes

c.

A process of awarding claims

d.

The transfer of rights and remedies from the insured to the insurer

Answer: (d).The transfer of rights and remedies from the insured to the insurer Explanation:In insurance, subrogation refers to the transfer of rights and remedies from the insured to the insurer, allowing the insurer to recover losses from third parties responsible for the loss.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. In the context of insurance, what is subrogation?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Which of the following information is typically included in an insurance prospectus?

Q. Which regulatory authority mandates the inclusion of Section 41 in an insurance prospectus to prohibit certain inducements?

Q. What does Section 41 in an insurance prospectus prohibit?

Q. Which of the following is not typically found in an insurance prospectus?

Q. What does the term "nomination" refer to in the context of an insurance prospectus?

Q. Which of the following it not usually part of the insurance prospectus?

Q. What is the purpose of a Proposal Form in the insurance application process?

Q. What is the "Principle of Utmost Good Faith" associated with when it comes to the Proposal Form?

Q. How long should the insurer take to provide a copy of the proposal submitted by the insured, as per IRDAI guidelines?

Q. Which party is responsible for ensuring the timely refund of a proposal deposit if it is refundable?

Q. In the insurance context, what does "duty of disclosure" refer to?

Q. What can be the format of a Proposal Form?

Q. How long does the insurer have to provide a copy of the proposal to the insured, as per IRDAI guidelines?

Q. In which stage of the insurance process does the duty of disclosure begin?

Q. What is the main consequence of providing incorrect or concealed information on the Proposal Form?

Q. What is the primary purpose of the Proposal Form in the insurance documentation process?

Q. What kind of information is collected in the Proposal Form for life and health insurances?

Q. In addition to personal details, what other information may be asked for in the Proposal Form depending on the insurance product?

Q. What is the role of insurance advisors in the Proposal Form process?

Q. Which document(s) may be collected to determine the true identity of the proposer?

Recommended Subjects

Are you eager to expand your knowledge beyond IC38 Life Insurance Agent Exam? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!