Definition of "Approval"
Acceptance of an application for an insurance policy by the insurance company, indicated by the signature of an officer of the company on the policy. The officer, who must have signature authority, is usually the president or the secretary of the company. The agent who sells the policy normally does not have signature authority to approve the policy.
Popular Insurance Terms
Same as term Export-Import Bank: partnership between an agency of the U.S. government and the Foreign Credit Insurance Association (50 commercial insurance companies, both stock and ...
Smallest acceptable premium for which an insurance company will write a policy. This minimum charge is necessary to cover fixed expenses in placing the policy on the books. ...
Commission that is paid based on how profitable a particular type of business proves to be that is written by an agent. ...
Statute that makes it illegal in most states for an agent to rebate (return) any portion of his commission as an inducement for an applicant to purchase insurance from him. ...
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Unexpected, unforeseen event not under the control of the insured that results in bodily injury. ...
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