Maryland Code, INSURANCE 27-304.1
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Terms Used In Maryland Code, INSURANCE 27-304.1
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
The Commissioner shall adopt regulations that establish standards and procedures for:
(1) the settlement of claims involving the total loss of a private passenger motor vehicle; and
(2) the determination of the private passenger motor vehicle’s total loss value.