A change or modification. Frequently used with regard to a change in the amount to be paid in settling a debt, a claim or any amount that is owed.
Law Dictionary – Alternative Legal Definition
In the law of Insurance, the adjustment of a loss is the ascertainment of its amount and the ratable distribution of it among those liable to pay it; the settling and ascertaining the amount of the indemnity which the assured, after all allowances and deductions made, is entitled to receive under the policy, and fixing the proportion which each underwriter is liable to pay. Marsh. Ins. (4th Ed.) 499; 2 PhiL Ins.