NM General Contractor Practice Questions - New Mexico General Contractor Exam

Under the NASCLA guide, what is 'subrogation' in insurance?

The right of an insurer to pursue a third party that caused the loss to recover the amount paid The act of adding a subcontractor to a policy The process of canceling an insurance policy A type of construction bond

Correct Answer:

The right of an insurer to pursue a third party that caused the loss to recover the amount paid

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