Examples:
Until Joe's credit and past insurance history could be researched, his agent gave him a binder for 10 days. The binder gave Joe all the same coverage's and rights as he would have with a regular insurance policy, but would automatically cease after the 10 days.
Definition:
Immediate insurance coverage that can be in oral or written form. Usually provides temporary coverage for a specified time until a formal policy is accepted or denied.
Related Terms
• Adhesion Contract
• Premium
• Rating Factors
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Binder
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