Dawn applies for a life insurance policy with Equity Insurance Company through Fletch, an agent who works for Equity. Dawn pays the initial premium. Fletch writes a binder, which

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A binder is a temporary agreement that provides insurance coverage until a formal policy is issued. It typically states the basic terms of the policy, such as the amount of coverage, the premium, and the effective date. It does not attest to the truth of the statements in the application or promise to consider it. It is simply evidence of payment and confirmation that a policy is pending.

Dawn Applies for a Life Insurance Policy with Equity Insurance