Minor's compromise

{
  "id": "MLC-T-INS-002200",
  "term": "Minor's compromise",
  "field": "Insurance and risk management",
  "definition": "A legal process for obtaining court approval of a liability claim settlement involving a person under the age of legal majority. This procedure is required because minors cannot legally enter into binding contracts, including settlement agreements. The court reviews the settlement to confirm its fairness and that it serves the best interests of the minor, with the funds placed in a protected account or structured settlement.",
  "url": "https://mlchart.com/terminology/insurance/minor-s-compromise/"
}