Which among the following correctly explains the Principle of Subrogation in an insurance contract?
1
It defines that the insured item should be with the insured at the time of the loss
2
It defines that the insurer should only give insurance if the insured is solvent
3
It defines that the insured should relinquish the right of ownership over the insured object once he receives the claim amount from the insurer
4
It defines that the insured should not mind asking for more information from the insurance company
5
None of the above