an impartial person chosen by the parties to solve a dispute between them, who is empowered to make a final determination concerning the issue(s) in controversy, who is bound only by his or her own discretion, and from whose decision there is no appeal. The decision of the arbitrator (the counterpart of the court's order or judgment) is called the AWARD. A court order enforcing an arbitrator's award is calledCONFIRMATION.
Compare arbiter; conciliator; mediator.
Congratulations! You're now Froogled Up™ on what "Arbitrator" means!
Feel free to use it throughout your financial/insurance life.