binding authority

noun

  • Dispute Resolution
  • Insurance Law
  • Common law systems

Definitions of binding authority

  • the power given to an insurance broker (=a person who sells insurance policies) allowing them to provide insurance cover to a person without first sending details of the risk involved to the insurance company for approval

    The agreement must set forth the terms, conditions and limitations governing the broker's exercise of binding authority.

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Phrase Bank for binding authority