Flashcards on Waiver of Subrogation

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What is a waiver of subrogation?

A waiver of subrogation is an agreement in which one party agrees to waive any subrogation rights it may have against another party in the event of a loss.

Why is a waiver of subrogation important?

A waiver of subrogation is important because it helps avoid disputes and legal action between parties in the event of a loss.

Who benefits from a waiver of subrogation?

Both parties can benefit from a waiver of subrogation, as it can help avoid legal disputes and streamline the claims process in the event of a loss.

What is an insurance subrogation?

Insurance subrogation is the process by which an insurance company assumes the rights of its insured to take legal action against a liable third party in order to recover the cost of damages paid out in a claim.

What types of insurance policies commonly include a waiver of subrogation?

Many types of commercial insurance policies, such as general liability, workers' compensation, and property insurance, may include a waiver of subrogation clause.

What is a subrogation claim?

A subrogation claim is a legal claim brought by an insurance company to recover the amount it paid out on a claim from a third party who may be liable for the loss.

How does a waiver of subrogation protect the owner of a property?

A waiver of subrogation can protect the owner of a property from being held responsible for damages that may occur during construction or renovation projects, as it can limit the liability of the property owner if a loss occurs.

What happens if a party does not waive its right of subrogation?

If a party does not waive its right of subrogation, it may have the right to pursue legal action against the other party in order to recover damages paid out on a claim.

Can a waiver of subrogation be added to an existing insurance policy?

Yes, a waiver of subrogation can be added to an existing insurance policy through an endorsement or a separate agreement.

What is the difference between waiver of subrogation and indemnification?

A waiver of subrogation is an agreement in which one party waives its right to pursue legal action against another party in the event of a loss, while indemnification is an agreement in which one party agrees to compensate another party for any losses or damages incurred.

Can a waiver of subrogation be revoked?

Yes, a waiver of subrogation can be revoked, but it requires the mutual agreement of all parties involved.

What is the purpose of subrogation?

The purpose of subrogation is to allow an insurance company to recover its costs after paying out a claim by pursuing legal action against a third party who may be liable for a loss.

What is an insurance indemnity clause?

An insurance indemnity clause is a clause in an insurance contract that outlines the terms and conditions of indemnification in the event of a loss or damages.

Can a waiver of subrogation be waived?

No, a waiver of subrogation cannot be waived, as it is an agreement that one party will not exercise its right to subrogation in the event of a loss.

What is a reciprocal waiver of subrogation?

A reciprocal waiver of subrogation is an agreement in which both parties agree to waive their right to subrogation in the event of a loss.

What is a waiver of subrogation?

A waiver of subrogation is an agreement in which one party agrees to waive any subrogation rights it may have against another party in the event of a loss.

Why is a waiver of subrogation important?

A waiver of subrogation is important because it helps avoid disputes and legal action between parties in the event of a loss.

Who benefits from a waiver of subrogation?

Both parties can benefit from a waiver of subrogation, as it can help avoid legal disputes and streamline the claims process in the event of a loss.

What is an insurance subrogation?

Insurance subrogation is the process by which an insurance company assumes the rights of its insured to take legal action against a liable third party in order to recover the cost of damages paid out in a claim.

What types of insurance policies commonly include a waiver of subrogation?

Many types of commercial insurance policies, such as general liability, workers' compensation, and property insurance, may include a waiver of subrogation clause.

What is a subrogation claim?

A subrogation claim is a legal claim brought by an insurance company to recover the amount it paid out on a claim from a third party who may be liable for the loss.

How does a waiver of subrogation protect the owner of a property?

A waiver of subrogation can protect the owner of a property from being held responsible for damages that may occur during construction or renovation projects, as it can limit the liability of the property owner if a loss occurs.

What happens if a party does not waive its right of subrogation?

If a party does not waive its right of subrogation, it may have the right to pursue legal action against the other party in order to recover damages paid out on a claim.

Can a waiver of subrogation be added to an existing insurance policy?

Yes, a waiver of subrogation can be added to an existing insurance policy through an endorsement or a separate agreement.

What is the difference between waiver of subrogation and indemnification?

A waiver of subrogation is an agreement in which one party waives its right to pursue legal action against another party in the event of a loss, while indemnification is an agreement in which one party agrees to compensate another party for any losses or damages incurred.

Can a waiver of subrogation be revoked?

Yes, a waiver of subrogation can be revoked, but it requires the mutual agreement of all parties involved.

What is the purpose of subrogation?

The purpose of subrogation is to allow an insurance company to recover its costs after paying out a claim by pursuing legal action against a third party who may be liable for a loss.

What is an insurance indemnity clause?

An insurance indemnity clause is a clause in an insurance contract that outlines the terms and conditions of indemnification in the event of a loss or damages.

Can a waiver of subrogation be waived?

No, a waiver of subrogation cannot be waived, as it is an agreement that one party will not exercise its right to subrogation in the event of a loss.

What is a reciprocal waiver of subrogation?

A reciprocal waiver of subrogation is an agreement in which both parties agree to waive their right to subrogation in the event of a loss.

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