When a Quote is created that violates an Approval Policy, the Account Owner and the specified Approval Policy Approvers will be notified by email that a Quote requires Approval:

The Quote requiring approval can be found by clicking on the Pending Approvals link in the above email or by navigating to Quotes > Pending Approval to see the Quote(s) needing to be reviewed:

Clicking on the Review button under the Actions column will allow the approver to Approve or Reject the Quote providing any necessary feedback:

If more than one Approver has been set for the policy, any of the Approvers can Approve or Reject the Quote.