Which of the following is correct with respect to the principle of subrogation as it relates to insurance law?
◦ Subrogation refers to the principle that, if an insurance company pays out on a policy, it assumes all of the rights of the insured against the person causing the loss.
◦ Subrogation refers to the practice of insurance companies taking out their own insurance where a policy involves potentially large losses or high risk.
◦ Subrogation refers to the principle that the insured cannot benefit from his own wrongdoing.
◦ Subrogation refers to the insured's right to demand payment from the insurance company if the insured-against event takes place.
◦ Subrogation refers to the principle that, if the insured does not take out enough insurance, he will be taken to be responsible for a portion of any loss incurred.
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