Arbitration and Insurance Claims

Paper Summary:

This paper examines the issue of arbitration and insurance claims. It begins by explaining a series of basic insurance terminology and then presents a history of the practice of insurance arbitration. The writer then explains the process of arbitration and insurance claims and how the process has changed over the years.

From the Paper:

"Almost thirty years ago, the Committee on Insurance Arbitration recognized the insurance industry's need for a Property Arbitration Forum. Today, its' successor committee is the largest system of its kind in the world. There was clearly a need to create a legal entity to administer the arbitration programs, and this concern led to the creation of a not-for-profit corporation that replaced the Committee on Insurance Arbitration. The Committee on Insurance Arbitration incorporated in 1981, under the corporate name of Insurance Arbitration Forums. Insurance Arbitration Forums remained the corporate name until 1986, when the Board of Directors eliminated the word "Insurance" from the name. This change reflected the expansion of Arbitration Forums' programs to include arbitration situations outside the insurance arena, although these additional mediation and arbitration services continued to fulfill the needs of the insurance industry. Because Arbitration Forums are intended to provide an objective and neutral administrative service, Arbitration Forums are considered to be respected and efficient providers of arbitration services. Arbitration is a means of settling controversies without resorting to litigation. Agreements to arbitrate are generally put into writing, and signatories are contractually obligated to arbitrate."

More papers on Arbitration and Insurance Claims:

• Essay # 65807 : "Workplace Safety and Insurance Board"
• Essay # 6826 : "Overtime and Insurance for Nurses"
• Argumentative Essay # 140231 : "Arbitration and Labor Relations"

APA Citation:

MLA Citation: