Choose the Word or Phrase in [ ] Which Will

question 40

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Bill was the at-fault party when you and he collided.Your insurance company has paid for the damages to your car.Now,it intends to recover this money from Bill.This is the right of [subrogation | indemnification].

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Definitions:

Required Payments

Payments that are mandated by law or contract, which an individual or entity is obligated to make under specific conditions.

Condominium

A residential complex where individual units are owned by individuals and common areas are jointly owned by all the unit owners.

Cooperative

An independent legal entity composed of members holding shares in it; a method of acquiring residential accommodation.

Fee Simple Interest

The most complete form of ownership in real estate, providing the owner with unlimited control subject to legal restrictions.