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Subrogation
The legal process by which one party steps into the shoes of another party, to pursue their rights against a third party, usually in insurance claims.
Indemnity
A contractual obligation of one party to compensate the loss incurred by another party due to the acts of the indemnitor or any other party.
Incontestability Clause
A clause in insurance policies that makes the policy non-contestable after it has been in force for a certain period, except under certain conditions.
Insurance Policy
A contract between an insurer and a policyholder that defines the claims which the insurer is legally required to pay.
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