Policy Structure & ProvisionsCâu 454 / 474
A binder issued by a producer serves to:
a.Cancel the insured's coverage back to its start date
b.Give temporary evidence of coverage until the policy issues
c.Permanently replace the policy the insurer will issue
d.List the exclusions that will apply to the new policy
Giải thích
A binder is a temporary agreement, oral or written, that provides immediate evidence of coverage until the insurer issues the formal policy or declines the risk. It contains the essential terms so the insured is protected in the interim. A binder is not permanent and is replaced once the actual policy is delivered or the coverage is formally declined.
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Câu hỏi liên quan cùng chủ đề
- The portion of an insurance policy that lists the named insured, the covered property, the policy period, and the limits of coverage is the:
- The part of a policy in which the insurer states what it promises to pay for is the:
- The insured's duties after a loss, the appraisal clause and the cancellation clause are all found among the policy's:
- The main reason a homeowners form excludes flood is that a flood loss:
- A producer with binding authority binds coverage by phone at 9 a.m.; the house burns at noon, before the insurer ever sees the application. The loss is:
- Under the liberalization clause, when an insurer broadens its form without charging more, an existing insured:
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