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The definitions contained herein are for general information only and are not
designed for use in connection with the interpretation of any insurance policy
or annuity policy issued through Insurance Answer Center.
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Home Insurance Glossary Terms 4 A B C D E F H I J L M N O P Q R S T U V W |
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Binder |
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A temporary oral or written insurance contract that provides coverage to the insured, serving as evidence of coverage prior to the issuance of a policy. The right of the agent to represent an insurance company in making a binder is called binding authority. While agents have binding authority, final authorization to issue a policy must come from the insurance company. |
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| Answer Financial(R) Inc. offers insurance products and services through its licensed affiliates Insurance Answer Center(R) Inc. (California License No. 0B99714), Answer Center Insurance Agency, Inc., and other affiliates. Answer Financial is not an insurance company. Insurance plans and services are from insurance companies and other licensed insurance-related providers. Not all products available in all states. Rates subject to change. |
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