Subrogation

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Subrogation

An insurance process whereby a company that has paid out to a policyholder for a loss incurred recovers the amount of the loss from the party that is legally liable.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Subrogation

The transfer of a claim or legal right from one party to another. Subrogation is often associated with the transfer of the right to a debt from one person to another. That is, a creditor can give or sell his/her right to a debt to some third party. See also: Forfaiting.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

subrogation

The substitution of one party for another.Insurance companies typically have rights of subrogation, so if the insurer pays the property owner for a loss, such as a house fire, and then discovers that loss was the fault of a third party, the insurance company may sue and recover from the third party.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.