binding authority

noun

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.

a past decision in a legal case that must be followed by lower courts in future similar cases

Is everything the Court says en route to deciding a case binding authority?