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
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Specific time at which the insurance policy coverage begins and ends. ...
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Inland marine policy to cover liability for goods that belong to clients while in a mover's possession. ...
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