Definitions for "Preapproval"
When a mortgage lender reviews your credit and commits to a specific loan amount.
A letter from a lender that informs a seller about the amount of money that a potential buyer can obtain pending final verification of information.
The advance review and approval of proposed mental health and/or substance abuse care through ValueOptions. Without preapproval, the plan pays no benefits.
The Michigan Insurance Bureau’s preferred term for a combination of precertification and preauthorization procedures for certain surgical procedures such as organ transplants. At the bureau’s request, this term is used in certificates covering organ transplants.