That settles it! Tim Bowen's article on collocates of the verb settle proves that he is just the person to ask if you need information on collocations.
The verb settle collocates with a number of nouns that refer to conflicts of various kinds in the sense of bringing them to an end, for example settle an argument, settle a dispute, settle a conflict, as in ‘There has not yet been any breakthrough in the international efforts to settle the conflict in the region' or ‘I wonder if you can help us settle an argument? What’s the highest mountain in North America?’
It is also possible to use the verb settle in a legal context. A case can be settled out of court (without asking a court to decide), as in ‘The case was settled out of court for an undisclosed amount'.
If you make a claim on an insurance policy, the insurance company will either settle the claim (pay all the money owing to you) or, if they dispute the facts of the case, they may, of course, refuse to settle the claim.
When you pay all the money you owe for goods or services, you settle the bill, as in ‘A growing number of companies now offer payment online and even offer discounts to those who choose to settle their bills in this way’.
If someone has done something bad to you in some way and you have waited for some time to exact revenge, you settle a score with them by doing something bad to them, as in 'City have a score to settle after their controversial defeat last season’.
Finally, the fixed expression That settles it is used when you want to say that you have made a decision because you have enough information or because you do not want an annoying or unpleasant situation to continue, as in 'That settles it! I'm leaving'.