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
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 26 Nov. 2024.
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