Question

When Shawn purposefully set fire to Jim's restaurant, Jim was covered under his commercial property policy. Which condition allows Jim's insurer to attempt to reclaim those damages from Shawn?

Option 1: Subrogation
Option 2: Deductible
Option 3: Exclusion
Option 4: Indemnity

Answer 1

Subrogation is the condition that allows Jim's insurer to seek reimbursement from Shawn, who intentionally caused the fire damages to Jim's restaurant. option 1 is answer

Step-by-step explanation:

The condition in Jim's commercial property policy that allows Jim's insurer to attempt to reclaim the damages from Shawn is called subrogation.

Subrogation is the process by which an insurance company, after paying out a claim for losses, seeks to recover the amount of the claim from the party that is legally responsible for the damages. This principle is founded on the idea that the responsible party, not the insurance company, should bear the cost of the loss. option 1 is answer

Answer 2

Subrogation is the condition that allows Jim's insurer to seek reimbursement from Shawn, who intentionally caused the fire damages to Jim's restaurant. The correct option 1: Subrogation

Step-by-step explanation:

The condition in Jim's commercial property policy that allows Jim's insurer to attempt to reclaim the damages from Shawn is called subrogation.

Subrogation is the process by which an insurance company, after paying out a claim for losses, seeks to recover the amount of the claim from the party that is legally responsible for the damages. This principle is founded on the idea that the responsible party, not the insurance company, should bear the cost of the loss. The correct option 1: Subrogation