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In this tutorial, Prasad Parthiban explains the concept of subrogation, which gives insurance companies the right to pursue a third party responsible for causing a loss to an insured party. He illustrates this with an example involving an auto policy; if a collision occurs due to another party's negligence, the insured files a claim with their insurance company. After the insured pays their deductible (e.g., $500), the insurance company compensates them for the remaining loss (e.g., $4,500 for a total loss of $5,000). The tutorial emphasizes that subrogation allows the insurer to recover costs from the negligent third party.
