An insurance settlement is a financial agreement between an insurance company and a claimant, typically following an accident or incident that results in a claim. This settlement is intended to cover the costs associated with damages, medical expenses, lost wages and other related expenses. Insurance settlements can come in various forms, including lump-sum payments and structured settlements, which are paid out over time.

Common types of insurance settlements include personal injury, property damage and liability claims. Personal injury settlements, for instance, are designed to compensate for physical injuries and related medical costs. Property damage settlements cover the repair or replacement of damaged property, such as vehicles or homes, and liability settlements address situations

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