Property Ownership
A Kentucky property owner's house is destroyed by fire. Their homeowner's insurance will pay to rebuild. This insurance payment is an example of the legal concept of:
ASubrogation
BIndemnification✓ Correct
CContribution
DSalvage
Explanation
Indemnification is the principle that insurance restores the insured to their pre-loss financial position (makes them whole) without allowing them to profit from the loss. The insurance payment indemnifies the owner for the loss of the structure.
Related Kentucky Property Ownership Questions
- In Kentucky, when a life tenant makes permanent improvements to the property, the cost of those improvements:
- A Kentucky deed must contain which essential elements to be valid?
- In Kentucky, property owned by a business entity (LLC or corporation) is titled:
- Which type of deed provides the greatest protection to the grantee?
- A Kentucky property owner conveys land to their child but retains the right to live on the property for life. After the parent dies, the child holds:
- A severance of mineral rights from surface rights in Kentucky means:
- In Kentucky, 'color of title' for adverse possession purposes means:
- A cooperative apartment building in Kentucky is owned by:
Practice More Kentucky Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Kentucky Quiz →