The insurer will later receive videos that will identify Ted as the driver who damaged Jill`s van. The insurer is suing Ted for $50,000, the amount he paid Jill for the loss. If Jill didn`t have physical damage insurance, she would have the right to sue Ted for the damage he caused to her van. With Jill`s insurance company having compensated her for the loss, her right to sue the driver passes to her insurer. The insurer “follows in Jill`s footsteps,” meaning he gets all the rights Jill has to sue the driver. Fortunately for policyholders, the transfer of receivables is very passive for the victim of an accident due to the fault of another party. The transfer of claims is intended to protect the insured; the insurance companies of both parties involved are working on the intermediation and reaching a legal conclusion on the payment. Policyholders are simply insured by their insurance company and can act accordingly. It benefits the insured, as the party responsible for the debt must make a payment during the transfer of receivables to the insurer, which helps keep the policyholder`s insurance rates low. The transfer of claim into law is carried out with or without agreement. The right of passage to the law can be modified or extinguished by a contractual agreement.
It cannot be used to replace a contract agreed by the parties. A transfer of a treaty claim occurs when a person satisfies the debt of another person on the basis of a contractual agreement that all claims or rights of pledge that are provided as security for the debt are kept alive for the benefit of the paying party. it is necessary that the agreement be supported by a counterparty; However, it does not have to be written and can be done either explicitly or tacitly. Waives the transfer of debt. There are certain situations where it makes sense to waive the right to transfer receivables. For example, leases often contain a provision that landlords and tenants waive salvage rights against each other to the extent that the loss is covered by insurance, or agree on the insurance obligation in which the insurance company waives any claim rights it may have against the landlord or tenant. . . .