SCHEDULED
PROPERTY - Property
specifically identified and assigned value individually
in a policy covering several items.
SETTLEMENT - Usually, a policy benefits or
claim payment. It connotes an agreement between both
parties to the policy contract as to the amount and
method of payment.
SUBROGATION - The right of an insurance
company to step into the shoes of the party whom they
compensate and sue any party whom the compensated party
could have sued.
Once a company has paid a loss for which someone other
than the policy holder is responsible, it may have the
right to recover this loss from the guilty party. This
right is called subrogation.
