Arbitration

{
  "id": "MLC-T-INS-000445",
  "term": "Arbitration",
  "field": "Insurance and risk management",
  "definition": "A method of dispute resolution where a neutral third party, known as an arbitrator, hears evidence and arguments from both sides and then issues a binding decision. This process serves as an alternative to litigation, often providing a quicker and less formal way to settle disagreements between policyholders and insurers. Arbitration clauses are frequently included in insurance contracts to pre-determine this resolution method.",
  "url": "https://mlchart.com/terminology/insurance/arbitration/"
}