Approval

{
  "id": "MLC-T-INS-000444",
  "term": "Approval",
  "field": "Insurance and risk management",
  "definition": "The formal acceptance or sanction by an insurer of a proposed insurance application, policy change, or claim settlement. It signifies that the terms and conditions meet the insurer's underwriting guidelines or regulatory requirements. Regulatory bodies also provide approval for new insurance products or rate filings before they can be offered to the public.",
  "url": "https://mlchart.com/terminology/insurance/approval/"
}