Claims Settlement definition

Claims Settlement. The maximum amount We will pay in respect of loss or damage to the Insured Vehicle shall be the Market Value of the Insured Vehicle immediately prior to the time of such loss or damage or Your last declared estimate of value of the Insured Vehicle (where appropriate) whichever is the lower amount. If to Our knowledge the Insured Vehicle is the subject of a leasing or contract hire agreement such payment shall be made to the owner described therein whose receipt shall be a full and final discharge to Us in respect of such loss or damage. If to our knowledge the vehicle is the subject of a Hire Purchase agreement we shall • settle any outstanding amount owed under the Hire Purchase agreement • return any residual amount to the policyholder other than where there is separate insurance in force which affords this protection to the policyholder. Replacement Parts: We may at our option fit replacement parts which are not supplied by the original manufacturer of the Insured Vehicle but which are of the same standard Excess Clause: We will not be liable for the amount of the Excess shown in the Schedule. Young and inexperienced drivers’ Excess: If the Insured Vehicle is being driven by, or is for the purpose of driving in the care, custody and control of any driver who: • is aged 17 - 21 years of age - additional £1,000 Excess to apply • is aged 22 – 24 years of age – additional £500 Excess to apply • has less than 24 months continuous driving experience under a full licence applicable to the Insured Vehicle being driven or who holds a provisional licence – additional £500 Excess to apply The above amounts are in addition to any other Excess shown in the Schedule. Recovery and Redelivery: If the Insured Vehicle cannot be driven as a result of loss or damage insured under this Policy We will bear the reasonable cost of protection and removal to the nearest competent repairers. We will also pay the reasonable cost of redelivering the Insured Vehicle to You after the repair of such loss or damage to Your chosen address in the United Kingdom. Replacement with New Car: If within 12 months of first registration as new any Private Car which You purchase as new and which You own or which is held by You from new under a hire purchase leasing or contract hire agreement is: • lost by theft and not recovered within 28 days or • subject of damage covered under this Policy to the extent that the cost of repairs exceed 50% of the list price (including tax) of the Private Car at ...
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Claims Settlement means an agreement between an insurer and claimant as to the amount of money owed to the claimant on a particular claim.
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Claims Settlement means all the activities of an insurer relating directly or indirectly to the determination of the extent of liabilities due or potentially due under coverages afforded by the policy, and which result in a claim payment or acceptance, compromise or rejection.
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Examples of Claims Settlement in a sentence

  • TIME REQUIRED EVENT Within 45 days of payment of all Valid Claims Settlement Administrator provides to FXG and the NYAG a statement of the total number of claims submitted, the total number of claims adjudicated to be Valid Claims, and the total dollar amount paid to each Claiming Settlement Beneficiary (the “Final Accounting”).


More Definitions of Claims Settlement

Claims Settlement means the actual payment of claims due to the claimants as determined by DGF. However, it is important for the claimant to ensure correctness and completeness of documentation to minimize delays on reimbursement.
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Claims Settlement. The maximum amount We will pay in respect of loss or damage to the Insured Vehicle shall be the Market Value of the Insured Vehicle immediately prior to the time of such loss or damage or Your last declared estimate of value of the Insured Vehicle (where appropriate) whichever is the lower amount. If to Our knowledge the Insured Vehicle is the subject of a leasing or contract hire agreement such payment shall be made to the owner described therein whose receipt shall be a full and final discharge to Us in respect of such loss or damage. If to our knowledge the vehicle is the subject of a Hire Purchase agreement we shall settle any outstanding amount owed under the Hire Purchase agreement and return any residual amount to the policyholder other than where there is separate insurance in force which affords this protection to the policyholder.
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Claims Settlement means the compromise and settlement regarding the allowance and treatment of First Lien Claims to be implemented pursuant to the Plan, as set forth in the Plan Term Sheet.
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Related to Claims Settlement

  • CCASS Settlement Day means the term “Settlement Day” as defined in the General Rules of CCASS.

  • Final Settlement means permanent settlement of the Contractor’s actual allowable costs or expenditures as determined at the time of audit, which shall be completed within three years of the date the year-end cost settlement report was accepted for interim settlement by the State. If the audit is not completed within three years, the interim settlement shall be considered as the final settlement.

  • Claims Bar Date means the applicable bar date by which Proofs of Claim must be Filed, as established by: (a) the Bar Date Order; (b) a Final Order of the Bankruptcy Court; or (c) the Plan.

  • Settlement Class means, in respect of each Proceeding, the settlement class defined in Schedule A.

  • Gross Settlement Amount means $633,000.00 which is the total amount Defendant agrees to pay under the Settlement except as provided in Paragraph 9 below. The Gross Settlement Amount will be used to pay Individual Class Payments, Individual PAGA Payments, the LWDA PAGA Payment, Class Counsel Fees, Class Counsel Expenses, Class Representative Service Payment and the Administrator’s Expenses.

  • Net Settlement Fund means the Settlement Fund less: (i) Court-awarded attorneys’ fees and expenses; (ii) Notice and Administration Expenses; (iii) Taxes; and (iv) any other fees or expenses approved by the Court.

  • ASTC Settlement Rules means the operating rules of ASTC and, to the extent that they are applicable, the operating rules of ASX and the operating rules of the Australian Clearing House Pty Limited;

  • Cash Settlement shall have the meaning specified in Section 14.02(a).

  • Settlement Class Members means a Person(s) who falls within the definition of the Settlement Class.

  • Net Settlement Amount means the Gross Settlement Amount, less the following payments in the amounts approved by the Court: Individual PAGA Payments, the LWDA PAGA Payment, Class Representative Service Payment, Class Counsel Fees Payment, Class Counsel Litigation Expenses Payment, and the Administration Expenses Payment. The remainder is to be paid to Participating Class Members as Individual Class Payments.

  • Resettlement means the impact of an involuntary taking of land under the Project, which taking causes affected persons to have their: (i) standard of living adversely affected; or (ii) right, title or interest in any house, land (including premises, agricultural and grazing land) or any other fixed or movable asset acquired or possessed, temporarily or permanently; or (iii) access to productive assets adversely affected, temporarily or permanently; or (iv) business, occupation, work or place of residence or habitat adversely affected, temporarily or permanently.