As a further step to resolve the problem, either the claimant or Celtic Life may unilaterally invoke a right of arbitration. Arbitration is conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association. Or, if agreeable to both parties, modification can be made to these rules to expedite arbitration or reduce its costs. The scope of the arbitrator's judgment covers any demands which the party initiating arbitration chooses to submit. Judgment upon the award rendered by the arbitrator may be entered in any court having proper jurisdiction.
Judicial review is limited in accordance with applicable law.
Suit cannot be filed after more than three years from this completion date. It is well settled that the Federal Arbitration Act preempts contrary state law and renders enforceable a predispute arbitration agreement contained in a contract that involves interstate commerce. The Lindseys have conceded that the question whether the insurance policy involved and affected interstate commerce is not in dispute. The Lindseys state the issue on appeal as whether a contractual arbitration provision should be enforced after the parties to the contract have rescinded the contract. The Lindseys argue that Celtic Life rescinded the insurance contract by returning the premium to the Lindseys and, therefore, that the arbitration provision can no longer be enforced.