Which of the Following Is Correct with Respect to the Principle

question 118

Multiple Choice

Which of the following is correct with respect to the principle of subrogation as it relates to insurance law?

• A)Subrogation refers to the principle that the insured cannot benefit from his own wrongdoing.
• B)Subrogation refers to the principle that,if an insurance company pays out on a policy,it assumes all of the rights of the insured against the person causing the loss.
• C)Subrogation refers to the principle that,if the insured does not take out enough insurance,he will be taken to be responsible for a portion of any loss incurred.
• D)Subrogation refers to the insured's right to demand payment from the insurance company if the insured-against event takes place.
• E)Subrogation refers to the practice of insurance companies taking out their own insurance where a policy involves potentially large losses or high risk.

Recognize the flexibility of process costing in accommodating various types of labor costs including direct and indirect labor.

Understand the distinction between financial and nonfinancial rewards and their impacts on life satisfaction.

recognize the diverse approaches to achieving healthy spirituality and its benefits.

Acknowledge the psychological impact of job loss and the importance of nonfinancial resources in one’s concept of success.

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Definitions:

Law of Small Numbers

A cognitive bias that leads people to draw broad conclusions from small data sets or limited observations.

Affect Heuristic

A mental shortcut that allows people to make decisions and solve problems quickly based on their emotions and feelings.

House Money

Refers to the concept of playing with the profits from previous bets rather than one's own capital.

Irrational Behavior

Actions or decisions that are not based on logical reasoning, sound judgment, or align with standard economic theories or expectations.