What term refers to all damages being paid at once, releasing the insured from additional claims?

The term that refers to all damages being paid at once, thereby releasing the insured from any additional claims, is known as a full release settlement. This type of settlement is commonly used in insurance claims to finalize the agreement between the parties, ensuring that once the payment is made, the insured cannot pursue further claims related to the same incident.

In a full release settlement, both the insurer and the insured agree on a total amount that compensates for all damages. This arrangement provides clarity and finality to the claims process, allowing the insured to move on without the worry of residual claims or disputes concerning the same loss.

This concept is crucial in auto damage appraisals because it promotes efficiency and certainty in resolving claims, which is beneficial for both the insurer and the insured. Having a full release can also prevent unexpected liabilities from arising later on, reinforcing the importance of understanding this term in the context of auto insurance.