What is a settlement?

Question

What is a settlement?

Answer 1

When someone agrees to give money for damages.  For insurance, it might be when your company (or the other guy's company) cuts you a check.

Answer 2

You settle on a set  fee in court for either a lawsuit or judgment.    example you fell in on the sidewalk in your apt complex due to chipped sidewalk.  You sued your landlord for 50,000 and they settled on a fee of $30,000.  

Means you get 30K and all parties are ok with that.