What equitable right does a subrogee have to enforce an insured's claim against the insurer?

[127 Cal.App.3d 738] The equitable right to which the court refers is the right of the subrogee to enforce "the security or obligation held by the creditor whom he has paid." In Arp v. Blake, supra, 63 Cal.App. 362, 218 P. 773, that right had been assigned before the payment was made and the payor secured no rights as subrogee. Here, the insured's cause of action was barred before the insurer made payment, and it secured no rights.