Insurance coverage can be effective before a formal written policy is issued.

Name: Insurance coverage can be effective before a formal written policy is issued.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Insurance coverage can be effective before a formal written policy is issued through a binder or temporary insurance agreement. The binder is a written or oral agreement that provides temporary insurance coverage until the formal policy is issued.

Insurance Coverage Can Be Effective Before a Formal Written Policy