Clearance

{
  "id": "MLC-T-INS-000795",
  "term": "Clearance",
  "field": "Insurance and risk management",
  "definition": "The formal approval or authorization granted by a regulatory body or internal department for an insurance product, transaction, or operational process to proceed. This often involves a review of compliance with legal requirements, company policies, and risk management standards. Obtaining clearance is a prerequisite before an insurer can offer a new policy or implement a new business practice.",
  "url": "https://mlchart.com/terminology/insurance/clearance/"
}