binding receipt

noun

Definition of binding receipt

: 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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Learn More About binding receipt

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Cite this Entry

“Binding receipt.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/binding%20receipt. Accessed 25 Sep. 2021.

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