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Question

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Under the principle of subrogation, why does the right of ownership of damaged property pass on to the insurer after the compensation has been paid to the insured ?

Solution

It happens so because the insured may not get profit by selling the damaged property.

Some More Questions From Business Services Chapter

What do you mean by the term warehousing ?

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Under the principle of subrogation, why does the right of ownership of damaged property pass on to the insurer after the compensation has been paid to the insured ?

How does the insurance distribute the loss ?

What do you mean by specialised banks ? Give three examples of specialised banks.

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Write down the non-banking services of postal services.

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