Binder

{
  "id": "MLC-T-LAW-000728",
  "term": "Binder",
  "field": "Law",
  "definition": "A temporary agreement that provides evidence of insurance coverage until a formal policy can be issued. It secures protection for the policyholder for a short period, outlining the essential terms, conditions, and coverage limits. A binder is a fully enforceable contract, but it has a limited duration, such as 30 or 60 days, after which it expires and must be replaced by the permanent insurance policy.",
  "url": "https://mlchart.com/terminology/law/binder/"
}