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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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Life Insurance Glossary Terms 4 A B C D E F G H I J K L M N O P Q R S T U V W Y |
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Binder |
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In home or auto insurance, this is a receipt issued-by either the insurance company or an insurance agent on behalf of an insurance company-that ensures insurance coverage becomes effective immediately, provided the premiums due are paid. In life insurance, the term "binder" is not used. The receipt provided for premiums received from an applicant is referred to as a Conditional Receipt or Temporary Insurance Agreement. See also Conditional Receipt, Binding Receipt and Temporary Insurance Agreement. |
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Learn More about Life Insurance
Start a Life Insurance Quote
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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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