Final Settlement Statement

A Final Settlement Statement is a document that outlines the terms and conditions of a final settlement agreement between an insurance company and a policyholder or claimant. The statement typically includes the total amount of the settlement, the specific claims or losses that are being settled, any applicable deductions or offsets, and the method and timing of payment. Final settlement statements are often used to resolve disputed or complex claims, such as those involving multiple parties or coverages, and to provide a clear and binding record of the settlement terms. They may be negotiated and executed by the parties themselves or with the assistance of attorneys or mediators, and are enforceable in court if either party breaches the terms of the agreement. Final settlement statements are an important tool for bringing closure and finality to the claims process and for protecting the rights and interests of all parties involved.