Our seventh insurance word of the week is: 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.
Also…
A process in which a disagreement between two or more parties is resolved by impartial individuals, called arbitrators, in order to avoid costly and lengthy litigation.
Filed under: Insurance Glossary | Tagged: arbitration, arbitrators, Insurance Glossary
