Insurance Binder Law and Legal Definition
Insurance binder is an immediate insurance coverage that compels an insurance company to provide coverage to the insured person conditioned on the receipt by the company of the first insurance premium. It can be in oral or written form. The insurance policy becomes binding upon the company immediately after application and payment of the first premium. Usually, an insurance binder provides temporary insurance coverage for a specified time until a formal policy is accepted or denied.
Legal Definition list
Related Legal Terms
- Accelerated Life Insurance Benefits
- Accident Insurance
- Accidental Death and Dismemberment [Insurance]
- Accommodation Line [Insurance]
- Accountants Professional Liability Insurance
- Accounts Receivable Insurance
- Actual Cash Value Insurance
- Actual Delivery of Insurance Policy
- Actuarial Documents [Federal Crop Insurance Corporation]
- Actuarially Appropriate [Federal Crop Insurance Corporation]
