_______ Is Contractual Right of Recovery That Entitles the Insurer

question 160

Multiple Choice

_______ is contractual right of recovery that entitles the insurer to any proceeds from the disposal of damaged property for which the claim has been made.

• A) Claim adjustment
• B) Claim recovery
• C) Subrogation
• D) Salvage

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Definitions:

Jethro Wood

An American inventor credited with the patented design of the cast iron plow with replaceable parts in the early 19th century.

James Watt

James Watt was a Scottish inventor, mechanical engineer, and chemist best known for his improvements to the steam engine, which played a crucial role in the Industrial Revolution.

Turnpike

A high-speed road, usually a toll road, designed for swift and efficient travel over long distances.

Market Economy

An economic model where the decisions on investment, production, and distribution rely on market forces like supply and demand, leading to the determination of goods and services prices through a system free from price controls.