Insurance 101 - Subrogation

[@mohammednizar1367]

Wow this cleared my doubt thank you for the short and sweet explanation ✨

[@mariagordon-lewis2802]

Great Video. Simple illustrated and informative.

[@CentralInsurance]

Thanks for your feedback and for watching, Maria!

[@aidakhairani7604]

i'm quite confused... insurer pay for the damages on behalf of u (participant), after that the insurer claim the money from the dishwasher manufacture?

[@bobcatdidi8188]

I really needed this

[@CentralInsurance]

Thanks for watching!

[@Waqas-dc3de]

Very thanks for explaining.

[@anasbadwan5753]

Thank you, this has been helpful

[@wejhatal-amal8799]

Clean and simple.

[@kevinngonzalez3152]

i got in a accident not to long ago in August and we did everything civil but i didint sign any police report nore there was no police report so how is it that i owe 2,000 to this other person who was at fault but says i was ,since i had no insurance at the time but i jad already had my lisence suspended because of this and paid alout to get them back with restrictions and sr22 for 1 yr

[@HellBeUponHim]

What is called when insurer take the remaing of the damage ??

[@ishnookie]

girish wanjari indemnification

[@shanplez6771]

Great illustration.

[@CentralInsurance]

Thanks for watching!

[@Waqas-dc3de]

What if, we claim demages, directly from dishwasher company, and not from the general insurar. So that no need of stepping into others shoes.

[@CentralInsurance]

That is correct Waqas Khan. If you pursue the dishwasher manufacturer directly then we as the insurer would not pay the claim and step in your shoes. There would be no subrogation in that scenario. Thanks for watching! ~ Sarah

[@manueljack9323]

thank you nice explanation keep it up

[@CentralInsurance]

We appreciate your feedback. Thanks for watching!

[@BalajiDJi]

good one..!!

[@garywickert6389]

Subrogation is nothing new. It is one of the oldest legal concepts in jurisprudence, having had its roots in Roman law. Under the reign of Emperor Hadrian (A.D. 177 - A.D. 138), Roman law began to shape the building blocks of subrogation. The relation of suretyship could be created by stipulation. Suretyship was an accessory contract, and the surety was known as the fidei-jussor. Sureties had the beneficium divisionis, and enjoyed also the beneficium ordinis, invented by Justinian, and the beneficium cedendarum actionum, or subrogation to the right of action of the creditor against the principal debtor, or pro rata against the co-sureties. It came to America through civil law, and it was from the civil law that the Courts of Chancery (equity) derived both the term and the doctrine of subrogation. As a result, subrogation is one of the oldest concepts known to the Anglo-American common law. It seems to have been formally established in common law in the Magna Carta. It prevents a double recovery, holds down the cost of insurance premiums, and prevents the wrongdoer (tortfeasor) from benefitting just because he happens to injure someone who was properly insured. In most states, the collateral source rule would prevent the injured party from recovering these damages anyway. Your insurance premiums would be much, much higher without subrogation. That is why you agree to it as part of your policy when you purchase your policy. If you don't want it, your insurance company would be happy to charge you a much higher rate to be without it.

[@HellBeUponHim]

What is called when insurer take the remaing of the damage ??

[@kishorekishu553]

Easy and simpel❤

[@CentralInsurance]

Thanks for watching Kishore!

[@josephhiggins5882]

This voice sounds like Zooey Deschanel