When a Surety Pays a Claim That It Is Obligated

question 49

True/False

When a surety pays a claim that it is obligated to pay,it automatically acquires the claim and the rights of the creditor which is known as subrogation.

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Definitions:

Continuous Improvement

An unceasing initiative aimed at elevating products, services, or processes by implementing small-scale and revolutionary improvements.

Service Recovery

Training and empowering frontline workers to solve a problem immediately.

Kaizen

A Japanese business philosophy of continuous improvement of working practices, personal efficiency, etc.

Empowering

The act of giving individuals or teams more authority and responsibility, enabling them to make decisions and contribute to organizational goals.