Binder

{
  "id": "MLC-T-INS-000558",
  "term": "Binder",
  "field": "Insurance and risk management",
  "definition": "A temporary agreement that provides immediate insurance coverage to an applicant while the formal insurance policy is being prepared and issued. It serves as proof of coverage for a specified period, typically 30 to 90 days, and outlines the essential terms and conditions of the forthcoming policy. A binder is legally binding and offers protection until the permanent policy is delivered.",
  "url": "https://mlchart.com/terminology/insurance/binder/"
}