Settlement
The resolution of an insurance claim with an agreed payment amount
Detailed Explanation
A settlement is the final agreement between the insurance company and the claimant about how much will be paid for a covered loss. It may be reached quickly or after extended negotiation, especially for complex claims.
Practical Example
After reviewing repair estimates and rental costs, the insurance adjuster offered a settlement of $4,200 to fix Jacob's car after the accident.
Frequently Asked Questions
Related Terms
Need Insurance Coverage?
Request quotes from top insurance providers and find the best coverage for your needs.
Get Free Quotes