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
Act that requires the Department of Labor (DOL) to have a formal program to educate the public about the importance of saving for retirement. The DOL is also required to educate the public ...
Insurance coverage sold by a broker as contrasted with insurance coverage sold by an agent. ...
Amount of insurance remaining on a ceding company's books, net of the amount reinsured. ...
Historic insignia representing evidence of coverage placed on property insured by a particular insurance company. If the property on fire did not have the company's fire mark, its private ...
Coverage that protects a business, up to the policy limits, if actions or non-actions of the insured result in a legally enforceable claim for bodily injury, property damage, or personal ...
Additional amount of life insurance above that provided by the employee benefit plan (standard group life plan) that may be chosen by the employee. A limit is usually placed on this maximum ...
Form of coverage in which an insurer automatically reinsures individual risks with its reinsurer. The insurer must transfer (cede) the risks to its reinsurer and its reinsurer must accept ...
Annual premium expressed on a proportionate basis such as monthly, quarterly, or semiannually. ...
Percentage return appropriated by the insurer for an immediate variable annuity when the insurer calculates the initial income payment to the annuitant. If the variable annuity's underlying ...
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