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Subrogation
The process by which an insurance company, having paid a loss to its insured, acquires the legal right to pursue any claims the insured may have against a third party responsible for the loss.
Sequential Liability
Sequential liability refers to the responsibility shared among different parties in a sequence, where one party's financial obligations are dependent on the payment or performance of another.
Lease
A contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period.
Commercial Property
Real estate used for business purposes, including office buildings, retail spaces, warehouses, and hotels.
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