Settlement of claims; an equitable arrangement of conflicting claims, as in set-off, contribution, exoneration, subrogation, and marshaling.
1. Settlement of a disputed account; 2. A change or concession in price or terms; 3. Determining the amount one is to receive in settlement of a claim; 4. In accounting, an entry made to correct or compensate for an error or difference in an account.
Refers to all of the steps involved in an adjuster's work of settling a claim against the insurer, i.e., investigation, determining amount of loss, reaching final settlement agreement, etc.