Binding Receipt
Definition of "Binding receipt"
Evidence of a temporary contract obliging a property insurance company to provide coverage as long as the premium accompanies the application. A property insurance agent can bind a company to cover a specific risk. Some agents are authorized to give an oral binder, which is generally followed with a written binder.
Popular Insurance Terms
Health insurance coverage only for a specified catastrophic disease such as cancer. It is important to ascertain the waiting period required, maximum benefits and maximum length of time ...
Authorization to borrow from the U.S. Treasury by the issuance of notes to the Treasury. The Secretary of the Treasury must approve the notes and their interest rates. The PBGC must be self ...
Use of new rate structures by an insurance company without first obtaining approval of a State Insurance Department. ...
Policy under which the insurer will pay the actual cash value of the property at the time the property was damaged or destroyed provided the loss falls within the limitations of the policy. ...
One that provides group health or pension benefits for a multiemployer plan. To lower the cost, small firms band together to take advantage of the economies of large group underwriting. ...
Sum total of all assets owned by the decedent to include personal property, real property, and trust property. ...
Means of land title registration used in some states that in effect, provides a government sponsored form of title insurance. Under this system, a government official, such as county ...
In general, a civil wrong, other than breach of contract, for which a court will provide a remedy in the form of a suit for damages. Torts include negligent acts or omissions on the part of ...
Calculation of insurance premiums based on an age less than the current age of the insured. ...
Have a question or comment?
We're here to help.