Subrogation which is created or modified by a contractual agreement between the Subrogee and the Subrogor in contrast to equitable subrogation which is recognized by common law and does not need to be made explicit in a contract.Equitable Subrogation : Right, recognized by common law, of a third party. (such as an Insurer) who has met an obligation for which another is primarily responsible (such as a tort feasor) to seek repayment from the party primarily concerned.Waiver of Subrogation : Voluntary relinquishment, before a loss occurs by a Subrogee (Insurer) of rights which after a loss, it may become subrogated. Under an Insurance Policy covering the interests of two or more parties who may later become involved in a legal dispute such as Insurance covering both the builder and owner of a structure in progress) the Insurer frequently waives, with respect to each insured. the rights to which it may become subrogated because of the wrong-doing of another insured.Subrogation Clause : A clause giving an insurer the right to pursue any course of action, in its own name or the name of a policy owner, against a third party who is liable for a loss which has been paid by the insurer. One of its purposes is to make sure that an insured does not make any profit from his insurance. This clause prevent him from collecting from both his insurer and a third party. It is never a part of a Life Insurance Policy.Subrogation Form : A standard form used in Marine insurance by signing which the insured when a claim has arisen, acknowledges the insurer’s right to claim from a third party in the name of the insured.