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
Investment-oriented whole life insurance policy that provides a return linked to an underlying portfolio of securities. The portfolio typically is a group of mutual funds established by the ...
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