Final answer:
Subrogation is the right of an insurance company to recover healthcare costs from a liable party after compensating the insured. It is different from a deductible, copayment, or coinsurance, which are cost-sharing methods between insurer and insured.
Step-by-step explanation:
The contractual right of a third-party payer to recover healthcare costs from the liable party is known as subrogation. This practice allows an insurance company to step into the shoes of the insured and claim against the party originally responsible for the loss after compensating the insured. This differs from a deductible, which is an out-of-pocket expense before the insurance pays, a copayment, which is a flat fee paid before service, and coinsurance, where costs are split between insurer and insured.