What does Arbitration mean? Read on to discover the definition & meaning of the term Arbitration - to help you better understand the language used in insurance policies.
Arbitration is the process of using a third party to settle an insurance dispute between an insurer and a policyholder. Arbitration is often preferred by insurance companies and policyholders because it can be cheaper and less time consuming than trying to resolve the issue in court with lawyers and a judge or jury.
We hope the you have a better understanding of the meaning of Arbitration.