Subrogation entitles insurers to step into insureds' rights after payment to recover from responsible third parties. Subrogation permits an insurer who has paid a covered loss to assume the insured's rights and remedies against third parties; the right arises upon payment and allows the insurer to 'stand in the shoes' of the insured to pursue recovery. In suretyship, subrogation functions as an equitable assignment: once the surety pays the creditor, the surety obtains the creditor's remedies and priority rights, including enforcement of liens, following trust funds, and claims against third parties.