Subrogates financial definition of subrogates
Subrogation (redirected from subrogates)
Also found in: Dictionary
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.
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
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.
References in periodicals archive
If, however, X's fraudulent transfer is more than one year old at the time of the bankruptcy petition and if [C.sub.2-4] have no fraudulent transfer rights under state law to which the trustee could subrogate, then X could retain the surplus.
The trustee must subrogate herself to a real unsecured creditor with a fraudulent transfer right.
The Divisional Court held that the insurer could subrogate against the employee of its named insured.
The regulator clearly intended for the insurer to be able to subrogate against the impaired driver in such cases.