(general) The refund or replacement of lost or damaged goods by a seller.
(insurance) The settlement of a loss by an insurance claim. More specifically, the process by which the insurer reviews a claim and determines if the circumstances of the loss, damage, or delay were wholly, partially or in no way covered by the terms of the insurance policy. Compensation paid to the insured accordingly.
In the event of a disagreement, the insured may, in most cases, appeal the decision of insurer to a third-party arbitrator or to the court system. Routine claims, however, are usually handled quite quickly once all the paperwork is properly filed.
(U.S. government) The negative impact of increased import competition to U.S. businesses. See adjustment assistance.

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