Which term refers to the act of assessing or handling claims in the insurance industry?

The term that refers to the act of assessing or handling claims in the insurance industry is "Adjustment." This process involves the evaluation of insurance claims to determine the validity, the amount of loss, and the settlement necessary under the terms of the insurance policy. Public adjusters play a crucial role in this process by representing the policyholder's interests and ensuring that claims are settled fairly.

While "Evaluation" and "Estimation" might be related terms, they generally refer to the process of determining value or assessing a situation rather than specifically handling insurance claims. Similarly, "Investigation," while an important component of claim handling, is more focused on the process of gathering and assessing information about the circumstances surrounding a claim rather than the overall management or adjustment of the claim itself. Thus, "Adjustment" is the most accurate term for the comprehensive process involved in claims handling within the insurance industry.