Dictionary of Banking Terms: authorization
authorization
issuance of approval to complete a transaction or pay funds, for example a bank card authorization or payment authorization. In bank cards, the card issuing bank notifies the merchant processing bank, the merchant bank, that a cardholder has available credit and issues an authorization code for the transaction.
Dictionary of Insurance Terms: authorization
authorization
maximum amount of insurance coverage that an underwriter will write on a particular class of property or risk exposure.
