Precedent

{
  "id": "MLC-T-INS-002622",
  "term": "Precedent",
  "field": "Insurance and risk management",
  "definition": "A legal principle or rule established in a previous court case that is considered authoritative for deciding subsequent cases with similar facts or legal issues. In insurance, precedents influence how courts interpret policy language, determine liability, and assess damages. Insurers and legal professionals rely on precedent to predict outcomes and guide their actions.",
  "url": "https://mlchart.com/terminology/insurance/precedent/"
}