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This is a common practice, as you are receiving a settlement and waiving your right to seek further action against the at-fault driver. Once you sign the release, you are agreeing to the amount and the contract is legally binding. Once the insurance company receives the form, they'll be able to pay out your settlement.
What is a full release settlement?
The release agreement is actually a contract which eliminates all claims of the injured party as to the parties released. The release of all claims is in exchange for the payment of the agreed settlement amount.
What is a release on an insurance claim?
A release of all claims form is exactly what it sounds like: it is a document that absolves the parties of any liability for an accident. Once this form is signed, it is no longer possible for an injured accident victim to pursue a personal injury claim against the at-fault driver.
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