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[U007]
umpire
1) A person selected by two appraisers to help settle disputes
in property insurance claims. The appraisers are chosen by the
disputing company and claimant, and a decision of any two of the
three is binding. For example, if a company and claimant fail
to agree on actual cash value of property destroyed or the amount
of the loss, many policies provide that these be determined by
appraisal.
2) A similar person in an arbitration proceeding under a reinsurance
contract.
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