Florida Health Insurance Terms:
"What does Approved Mean?"
Approved: A status that indicates the insurance company has completed underwriting and agrees to issue a policy to the proposed insured.
In fire insurance, usually means that the construction, equipment, preventive and protective devices meet established requirements for insurance. In many cases, "approved" construction results in reduced insurance premiums.
An "approved" vessel is one which the underwriters deem adequate to carry the insured cargo, at the agreed rate of premium.
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