What is ADJUSTMENT?

In the law of insurance, the adjustment of a loss is the ascertainment of its amount and the ratable distribution of it among those liable to pay it; the settling and ascertaining the amount of the indemnity which the assured, after all allowances and deductions made, is entitled to receive under the policy, and fixing the proportion which each underwriter is liable to pay. Marsh. Ins. (4th Ed.) 499; 2 Phil. Ins.

More On This Topic



Link to This Definition
Did you find this definition of ADJUSTMENT helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary