What is the term for an agreement among appraisers where binding decisions are made?

The correct answer is the term "dispute resolution." In the context of appraisers, dispute resolution refers to the systematic process that resolves disagreements among appraisers through various means, which may include binding arbitration or mediation. This agreement enables a neutral party to evaluate the evidence and make a decision that the involved parties are required to accept as final. It is an essential part of the appraisal process, especially when there is a significant conflict regarding the value of a vehicle or damages.

The other terms, while related to conflict resolution, do not specifically refer to the binding decisions made by appraisers. A settlement agreement is typically a negotiated resolution between parties without the need for adjudication, whereas insurance arbitration explicitly involves the insurance industry and specific guidelines that may differ from general appraisal disputes. A compromise agreement usually indicates a mutual concession between parties rather than a formal binding decision made by an appraiser. Thus, the description of "dispute resolution" aligns directly with the context of binding decisions made by appraisers.