What term describes an agreement where two insurance companies or an insured person agrees to resolve a claim?

The term that describes an agreement where two insurance companies or an insured person agree to resolve a claim is "Settlement." A settlement is a mutually accepted resolution to a disagreement or dispute over a claim, where both parties come to terms that typically involve compensation for damages or losses. In the context of insurance, settlements are crucial in adjudicating claims without the need for litigation, providing a more expedient and often satisfactory resolution for all parties involved.

While "Release" refers to an official relinquishing of a right or claim, which follows a settlement, it does not encapsulate the entire agreement process between the parties involved in resolving the claim. The "Waiver" signifies the voluntary relinquishment of a known right, which might be part of a settlement but does not represent the complete resolution of a claim. "Concurrence" generally means agreement or harmony, but it lacks the specificity of addressing the resolution of an insurance claim.

In essence, "Settlement" is the most accurate term as it specifically indicates a negotiated agreement to resolve claims.