Money received by an insurer in respect of a loss, thus reducing the loss, by way of subrogation, salvage or reinsurance.
Money received by an insurer in respect of a loss, thus reducing the loss, by way of subrogation, salvage or reinsurance.
A provision in an insurance policy setting forth the conditions under which, or the period of time during which the insurer may contest or void the policy. After that time has lapsed, normally two years, the policy cannot be contested.