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    johny_boy's Avatar
    johny_boy Posts: 1, Reputation: 1
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    #1

    Mar 5, 2007, 08:52 PM
    What is a Binder Agreement?
    What are the legal ramifications of offering a policy through a binder agreement in terms of insurance contracts?
    RichardBondMan's Avatar
    RichardBondMan Posts: 832, Reputation: 66
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    #2

    Mar 5, 2007, 09:21 PM
    The insurance company is bound to the risk per the terms of the insurance "binder", simply means there's coverage. Sometimes it takes time for a contract of insurance to be issued. The insured and perhaps those people or business or govt entities require proof of insurance right away. That's really all it means, it's proof of insurance.

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