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Under the principle of subrogation, why does the right of ownership of damaged property pass on to the insurer after the compensation has been paid to the insured ?


It happens so because the insured may not get profit by selling the damaged property.
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Explain any three considerations which a business firm should take into account for choosing a suitable mode of transport.

1. Cost of Transport
2. Speed of Transport
3. Flexibility
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How does the insurance distribute the loss ?

Insurance is actually an arrangement of pooling of risk. All the people pay premium amount to insurance company and out of that premium fund the insured who suffers loss is compensated. Thus it only distributes the loss suffered by an insured person among other persons.
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What do you mean by Public Warehouse ?

The warehouses which are owned and managed by government agencies are called public warehouses.
These godowns are large sized and are used by all persons such as traders, farmers, exporters and importers.
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What is meant by cold storage houses ?

There are certain perishable commodities which are destroyed within very short period such as fruits, vegetables, etc. These commodities are very much affected with change in seasons.
Cold storage helps in maintaining of these things for a longer duration and also maintains their freshness.
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