Angela suffered a loss to her home caused by a covered peril in her HO policy,...

The subrogation clause allows the insurance company to sue individuals receiving medical coverage (coverage F) due to their own negligence.

The subrogation clause warrants that Angela will return the claim payment if the insurance company later determines that she negligently caused the loss.

The subrogation clause assigns Angela's rights in the action for the loss to the insurance company.

The insurance company is entitled to keep any and all damages collected from litigation pursuant to the subrogation clause.

Solutions

Expert Solution

Answer : The subrogation clause assigns Angela's rights in the action for the loss to the insurance company.

Note : Subrogation clause is added to the document so that the insurance company if finds the person due to whom damages were caused can sue that person as they have already paid the damages to Angela, while this clause does not apply to coverage F or it doesn't demand the paid claim from the insured person.

keosha answered 1 year ago

Next > < Previous

Related Solutions

Angela suffered a loss to her home caused by a covered peril in her HO policy,...

Angela suffered a loss to her home caused by a covered peril in her HO policy, and has agreed with her insurance company about the amount of damages. Before the company will give her a check, however, they ask her to sign an agreement with a subrogation clause. Which of the following statements concerning subrogation is correct? The subrogation clause warrants that Angela will return the claim payment if the insurance company later determines that she negligently caused the loss....

If a loss is not covered by a primary insurance policy, it might be covered by:

If a loss is not covered by a primary insurance policy, it might be covered by: An exclusion in the policy An ancillary form An excess insurance policy Statutory law An experience modification factor in a workers' compensation insurance policy is calculated based upon: Prior losses Future expected losses Payroll Credit worthinessAn employer with a lower experience modifier will pay:Less in premium than a similar employer More in premium than a similar employer The same in premium as a similar employee Twice as much in premium than a similar employer An insurance agent...

Michelle purchased a Homeowners HO-03 policy with no special endorsements to cover her home and personal...

Michelle purchased a Homeowners HO-03 policy with no special endorsements to cover her home and personal property. Afire occurred and destroyed a big-screen television. Michelle paid $4,000 for the TV, which had an actual cash value at the time of the loss of $3,000 at the time of the fire. A replacement TV would cost $3,800. Ignoring any deductible, how much will Michelle collect for the loss of the TV? Explain your answer.

Which of the following statements about covered perils under an unendorsed HO-3 policy is true?

Which of the following statements about covered perils under an unendorsed HO-3 policy is true?a) the dwelling is covered on a named-peril basis but the other structures are covered on an open-peril basisb) both the dwelling and other structures are covered on a named-peril basisc) the dwelling is covered on an open-peril basis but other structures are covered on a named-peril basisd) both the dwelling and other structures are covered on an open-peril basis

The insured has an unendorsed HO-3 policy. The home is insured for an $80,000 limit on...

The insured has an unendorsed HO-3 policy. The home is insured for an $80,000 limit on A and the home has a replacement cost of $100,000. Fire occurs at the home. A chair is destroyed in the fire. Replacement cost of the chair is $750. Actual Cash Value (ACV) of the chair is $400. How much will be paid for the chair?

An insurance policy has an ordinary deductible of 100 and a maximum covered loss of 10,000....

An insurance policy has an ordinary deductible of 100 and a maximum covered loss of 10,000. You observe the following six payments: 100 200 500 600 1000 5000 In addition, there are three payments at the limit. You ﬁt a single parameter Pareto distribution with θ = 50 to the ground up distribution using maximum likelihood. Determine the estimated parameterα.

Jack and Jane are married and own a home insured for $150,000 under an unendorsed HO-3 policy.

Case ApplicationJack and Jane are married and own a home insured for $150,000 under an unendorsed HO-3 policy. The replacement cost of the home is $250,000. Personal property is insured for $75,000. Jane has jewelry valued at $10,000. Jack has a coin collection valued at $15,000 and a motorboat valued at $20,000.a. Assume you are a financial planner who is asked to evaluate the couple’s HO-3 policy. Based on the facts given, do you believe that Jack and Jane’s coverages...

1. Judy is covered by a $200,000 group-term life insurance policy of which her daughter is...

1. Judy is covered by a $200,000 group-term life insurance policy of which her daughter is the sole beneficiary. Judy’s employer pays the entire premium for the policy, for which the uniform annual premium is $0.75 per $1,000 per month of coverage. How much, if any, of the cost of the group-term life insurance is excluded from Judy’s gross income on an annual basis? PLEASE SHOW WORK

Eric's property was damaged in an accident. He phoned his agent to see if the loss was covered under his property insurance policy.

Eric's property was damaged in an accident. He phoned his agent to see if the loss was covered under his property insurance policy. The agent said, "As long as the cause of loss is not specifically excluded in the policy, the loss is covered." Based on the agent's answer, what type of insuring agreement appears in the policy? Extended-perils coverage Named-perils coverage Unconditional coverage "All-risks" coverage

A retiree is covered by his wife’s insurance policy. His wife is still working and receives health benefits through her employer, which has a PPO plan.

A retiree is covered by his wife’s insurance policy. His wife is still working and receives health benefits through her employer, which has a PPO plan.1.) What code describes the spouse’s relationship to the subscriber?2.) What claim filing indicator code is reported?3.) What claim filing indicator code is likely to be used if the insurance is TRICARE?

Subjects