What is the Definition of Arbitration?

What is the Definition of Arbitration?

Procedure in which an insurance company and the insured or a vendor agree to settle a claim dispute by accepting a decision made by a third party.

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 Arbitration?

What is the Definition of Arbitration?

Check out other definition of insurance terms below:


What is the Meaning of LOSS ADJUSTMENT EXPENSES In Insurance Terms?

The sum insurers pay for investigating and settling insurance claims, including the cost of defending a lawsuit in court.


What is the Meaning of LLOYDS In Insurance Terms?

Corporation formed to market services of a group of underwriters. Does not issue insurance policies or provide insurance protection. Insurance is written by individual underwriters, with each assuming a part of every risk. Has no connection to Lloyd’s of London, and is found primarily in Texas.


What is the Meaning of LONG-TERM CARE INSURANCE  In Insurance Terms?

Long-term care (LTC) insurance pays for services to help individuals who are unable to perform certain activities of daily living without assistance, or require supervision due to a cognitive impairment such as Alzheimer’s disease. LTC is available as individual insurance or through an employersponsored or association plan.


Thank you for visiting our website and read this FAQ article about "What is the Definition of Arbitration?". We hope you get what you searching for.

definitionly.com is a website that contains information about the definition or meaning of a word. You can search for the word you are looking for in the search field above.

Related Posts

Subscribe Our Newsletter