Binder

A binder is proof of coverageThe scope of protection provided under a contract of insurance; any of several risks covered by a policy. for a specified time period prior to the company issuing someone the actual policyThe written contract of insurance. or requiring a premiumThe sum paid by a policyholder to keep an insurance policy in force paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments. However, if the consumerAny natural person obligated or allegedly obligated to pay a debt incurred for personal, family or household use. Page 3 pays the premium with the applicationUnder the Equal Credit Opportunity Act (ECOA), an oral or written request for an extension of credit, the insurance companyAn insurance company must be licensed by the Department of Insurance to sell health insurance. The insurer will issueA specific identified issue of securities (e.g., "Water and Sewer Revenue Demand Bonds, Series 1983"). a binder or “binding receiptA receipt given for a premium payment accompanying the application for insurance. If the policy is approved,.”

Binder

A preliminary agreementAn exchange of promises, a mutual understanding or arrangement; a contract., secured by the paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments of an earnest money depositThe deposit to show that you're committed to buying the home. The deposit will not be refunded to you, under which a buyerA market participant who takes a long futures position or buys an option. An option buyer is also called offers to purchase real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract.

Binder

A report issued by a title insurance companyA company, which issues insurance regarding title to real property. setting forth the conditionIn contracts, a future and uncertain event which must happen to create an obligation or which extinguishes of titleTitle is the evidence of ownership. In essence, title is more important than ownership because having and setting forth conditionsProvisions of an insurance policy that state the rights and duties of the insured or the insurance company., which, if satisfied, will cause a policyThe written contract of insurance. of title insuranceInsurance to protect the lender lender's policy) or the buyer (owner's policy) against loss arising to be issued. Also known as a "title commitmentIn the FFEL program, a commitment occurs when the guaranty agency issues a commitment to the lender for a loan.."

Binder

A temporary contractThe formal legal document, also known as the "policy" that describes the agreement between the policyholder of insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." that is written or oral.

Binder

A temporary insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." contractThe formal legal document, also known as the "policy" that describes the agreement between the policyholder that provides proof of coverageThe scope of protection provided under a contract of insurance; any of several risks covered by a policy. until you receive a permanent policyThe written contract of insurance.. A binder is subject to paymentPeriodic (usually monthly) installments paid to a lender to be applied toward repaying your loan. Payments of a premiumThe sum paid by a policyholder to keep an insurance policy in force.

Binder

A temporary or preliminary agreementAn exchange of promises, a mutual understanding or arrangement; a contract. to provide immediate insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." coverageThe scope of protection provided under a contract of insurance; any of several risks covered by a policy. until a policyThe written contract of insurance. can be written or delivered. May be oral or written and sets forth conditionsProvisions of an insurance policy that state the rights and duties of the insured or the insurance company. of coverage. Often used during the interval between the coverage becoming effective and the time a formal policy is prepared and delivered. Normally it is issued for a limited period of time.

Binder

A temporary or preliminary agreementAn exchange of promises, a mutual understanding or arrangement; a contract. which provides coverageThe scope of protection provided under a contract of insurance; any of several risks covered by a policy. until a policyThe written contract of insurance. can be written or delivered.

Binder

A written or oral contractA verbal agreement; one which is not reduced to writing. issued temporarily to place insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." in force when it is not possible to issueA specific identified issue of securities (e.g., "Water and Sewer Revenue Demand Bonds, Series 1983"). a new policyThe written contract of insurance. or endorse the existing policy immediately. A binder is subject to receipt of the premiumThe sum paid by a policyholder to keep an insurance policy in force and all the termsThe specific conditions of a loan, including the requirements governing receipt and repayment of a loan. of the policy to be issued. It is a legal agreementAn exchange of promises, a mutual understanding or arrangement; a contract. that serves to effect insurance coverageThe scope of protection provided under a contract of insurance; any of several risks covered by a policy. for a specified period of time until the actual insurance policyThis is the entire written insurance contract. can be issued

Binder

An acknowledgmentA formal declaration made before an authorized person, e.g., a notary public, by a person who has executed that the insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." for which you applied is in force, whether or not you have paidThis is the amount of tax posted as paid for the year in question, either in installment payments or for it or received a policyThe written contract of insurance..

Binder

An agreementAn exchange of promises, a mutual understanding or arrangement; a contract. to consider a down paymentThe portion of the sales contract or mortgage paid to the seller by the purchaser at the time of closing for the purchase of real estateThe physical parcel of land and all improvements permanently attached. An identified parcel or tract as evidence of good faith on the part of the purchaser. Also, a notation of coverageThe scope of protection provided under a contract of insurance; any of several risks covered by a policy. on an insurance policyThis is the entire written insurance contract., issued by an agentOne who acts for and with authority from another called the principal., and given to the insuredThe policyholder - the person(s) protected in case of a loss or claim. prior to issuing of the policyThe written contract of insurance..

Binder

An agreementAn exchange of promises, a mutual understanding or arrangement; a contract. to cover(1) Purchasing futures to offset a short position (same as Short Covering); see Offset, Liquidation; an earnest money depositThe deposit to show that you're committed to buying the home. The deposit will not be refunded to you for the purchase of real propertyThe type of property ascribed to real estate investments, such as houses, land, buildings, retail stores, malls, etc. as evidence of the purchaser's good faith and intention to complete the transactionThe entry or liquidation of a trade..

Binder

Money given by the buyerA market participant who takes a long futures position or buys an option. An option buyer is also called to a sellerA person who makes a transfer of title to real estate. as part of the purchase priceThe amount the borrower paid to purchase a home. to "bind" the transactionThe entry or liquidation of a trade. or assure purchase later. Also calledAnother term for exercised when an option is a call. In the case of an option on a physical, the writer "earnest moneyThe deposit money given to the seller or his agent by the potential buyer upon the signing of the agreement."

Binder

Placing insuranceSee "property insurance;" "private mortgage insurance;" "insured mortgage;" "title insurance." temporarily in force, pending issuance of a policyThe written contract of insurance..