Definition of "Binding receipt"

Tammy Kirk real estate agent

Written by

Tammy Kirkelite badge icon

Coldwell Banker Boyd & Hassell, Inc., Realtors

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.

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