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.

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