binding receipt

noun

: a receipt given to an applicant for insurance confirming that the application has been signed and the first premium paid and stipulating that the insurance shall go into effect immediately if the risk proves to be acceptable irrespective of the date of delivery of the policy

called also binder, conditional receipt

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Dictionary Entries Near binding receipt

Cite this Entry

“Binding receipt.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/binding%20receipt. Accessed 27 Nov. 2022.

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