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A: A "release" is a legal document that states that you are giving up your right to pursue a claim against the insurance company. If you have been in an accident, the opposing party's insurance company may offer to pay for your incurred medical bills or property damage in exchange for a signed release. You should consult with a Virginia personal injury attorney before you sign anything. The goal of the insurance company is to pay you as little as possible. Your claim may be worth far more than the insurance company is offering.