The Doctrine of Subrogation

question 32

Multiple Choice

The doctrine of subrogation

• A) protects the insured against double recovery.
• B) entitles the insured to sue third parties.
• C) arises where loss is caused to the insured by a third person.
• D) All of the responses are correct.

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Definitions:

Managers

Managers are individuals in an organization responsible for directing and overseeing the work of a group of people in achieving certain goals or completing projects.

General-Purpose Financial Statements

A type of financial accounting report that is distributed to external users. The term “general purpose” refers to the wide range of decision-making needs that the reports are designed to serve.

Cash Budget

A financial plan that estimates cash inflows and outflows over a specific period, helping businesses manage their cash flow.

Economic Activities

Actions that involve the production, distribution, and consumption of goods and services in an economy.