Which settlement option is also known as the "Open-Ended Release"?

The term "Open-Ended Release" refers to a settlement option that allows for flexibility in the claims process. This type of release generally permits the claimant to settle for a defined amount without limiting future claims related to the same incident.

In the context of a Scheduled Release, this option provides a structured framework where specific dates or events can trigger further payments or considerations, making it crucial when evaluating the long-term implications of a settlement. Such releases are particularly useful in cases involving ongoing medical treatment or other costs that may emerge after an initial settlement is reached.

By using the Scheduled Release option, an insurer can facilitate a smoother claims process while ensuring that the claimant receives fair compensation as new needs arise. Issues related to future claims can be managed without overly restricting the rights of the claimant, which aligns with the concept of an open-ended release.