What is the Definition of Alternative Dispute Resolution?

What is the Definition of Alternative Dispute Resolution?

An alternative to going to court to settle disputes. Methods include arbitration, where disputing parties agree to be bound to the decision of an independent third party, and mediation, where a third party tries to arrange a settlement between the two sides.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Alternative Dispute Resolution?

What is the Definition of Alternative Dispute Resolution?

Check out other definition of insurance terms below:


What is the Meaning of PAY-AT-THE-PUMP In Insurance Terms?

A system proposed in the 1990s in which auto insurance premiums would be paid to state governments through a per-gallon surcharge on gasoline.


What is the Meaning of PAY-AS-YOU-DRIVE (PAYD) In Insurance Terms?

An auto insurance product whose pricing takes into account the number of miles driven by the policyholder.


What is the Meaning of PAYOUT OPTIONS In Insurance Terms?

The methods available to an annuity contract owner for the distribution of the annuity’s accumulated value. (1) The lump sum distribution method allows the contract owner to receive the balance of his account in a single payment. (2) The fixed period option provides that the annuity’s accumulated value will be paid out over a specified period of time. (3) The fixedamount option provides that the annuity’s accumulated value will be paid out in a pre-selected payment amount until the accumulated value is exhausted. (4) A life annuity option provides that periodic income payments will be tied in some manner to the life expectancy of a named individual. (See Life annuity)


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