This document provides an overview of key concepts related to insurance contracts in India. It discusses terminology used in insurance, the nature of insurance contracts as aleatory contracts requiring utmost good faith, key principles like indemnity and proximate cause, types of insurance policies including life, fire, and marine, and concepts like insurable interest, misrepresentation, subrogation, contribution, and commencement of policies.
32. SUBROGATION V/s CONTRIBUTION SUBROGATION CONTRIBUTION Loss shifts from one person to another Loss is distributed among the insurers It is against third party It is in between insurers One insurer and one policy More than one insurer The right of the insured is claimed The right of the insurer is claimed