Definition of "Binder"
Temporary insurance contract providing coverage until a permanent policy is issued. In property and casualty insurance, some agents have authority to bind the insurance company to cover until a policy can be issued. For example, the purchaser of an automobile can call the agent, who can then bind the insurance company to temporary coverage.
Popular Insurance Terms
Additional amount of surplus generated by an additional amount of capital to be included in the surplus above that required by the statutory requirements. This additional surplus is ...
Elements common to all life insurance policies. While state insurance laws do not prescribe the exact words that must be in a life insurance policy, certain standard provisions must be ...
Coverage for musicians and other providers of musical services such as musical instrument dealers. Musical instruments, service equipment, and sheet music are insured on an all risks basis ...
Conditions found in employee benefit plans such as pensions, under which minimum requirements, such as 20 years of service, must be met by an employee to qualify for benefits. ...
Irrevocable living trust (rights to make any changes are forfeited by the grantor permanently) in which the grantor forfeits control of all assets placed in the trust. However, the grantor ...
Policies that have been sold to and paid for by an insured, but not yet delivered to the insured. ...
Difference between the yield on earning assets and the cost of interest-bearing liabilities. ...
Investment risk associated with the psychology of the market in that emotions affect the price of a company's stock that, in most instances, has nothing to do with the current or potential ...
Endowment period of time, in life insurance, at which the face amount of the policy is payable to the insured. ...
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