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When we are talking about insurance, what is meant by the right of subrogation? What does it mean and, in simple terms, how does it

When we are talking about insurance, what is meant by "the right of subrogation"? What does it mean and, in simple terms, how does it work? What can the right of subrogation NOT do? Provide a simple illustrative example of this concept/principle and how it works/is applied.

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