What is the term for the process of negotiating settlements between the claimant and the insurance company?

The term for the process of negotiating settlements between the claimant and the insurance company is claims settlement. This process involves reaching an agreement on the amount of compensation the insurer will pay to the claimant to resolve a claim. It encompasses discussions that may involve the evaluation of the claim's validity, the gathering of relevant information, and negotiations to arrive at a fair settlement amount.

Claims settlement is a critical component of the claims process, as it ensures that the insured party receives adequate compensation for their losses in accordance with the terms of their insurance policy. In contrast, claim assessment refers to the evaluation of the claim’s validity and determining the potential payout before the negotiation process begins. Policy negotiation typically deals with the terms and conditions set forth in the insurance policy itself, rather than settling specific claims. Risk evaluation focuses on analyzing and assessing the potential risks involved in insuring a person or entity, which again is not directly related to the negotiation of settlements.