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I'm not a lawyer, but in layman's terms:
Subrogation is similar to a right of reimbursement in that for example: YOUR Insurance company pays for your medical bills and/or property damage because the person causing your injuries/damages has no insurance. YOUR insurance company then has the right to pursue that person to get reimbursed. They "step into your shoes" to sue or try to obtain the money you would have gotten to pay for those damages, but your insurer paid them, so they have your right to get the money back they already paid on your behalf.
An assignment is like you giving away or assigning the right to collect some amount due to you in the future. Such as when a doctor is about to treat you and you sign an assignment that the doctor will file and collect directly from your health insurer, rather than you pay the bill and submit it to your health insurer and wait for them to hopefully reimburse you for the money you paid.
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What is the difference between common law subrogation and contractual subrogation?
First, the difference used to matter in the US, but in most instances the difference is negligible now. Common law subrogation arises from the historic decisions of the courts of the state or jurisdiction where the subrogation lien arose. These courts in almost every state established laws that provided that a payor of another's true debt would have a claim against the responsible party (or - more accurately - a lien on the harmed party's claim against the responsible party). Contractual subrogation technically arises out of a contract (such as an insurance policy or mortgage agreement) that provides in a clause or two that if payments need to be made then the payor will have a claim (or a lien on the claim) against the responsible party. Nowadays, the distinction between the two is very blurry as most courts recognize the common law subrogation right, and treat it in tandem with the contractual subrogation rights. Ken Levine; Nelson, Levine, de Luca & Horst
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