binding receipt or slip

binding receipt or slip
Term refers to a limited acceptance of an application for insurance given by an authorized agent pending the'ascertainment of the company's willingness to assume the burden of the proposed risk, the effect of which is to protect the applicant until the company acts upon the application, and, if it declines to accept the burden, the binding effect of the slip ceases eo instante.
See binder

Black's law dictionary. . 1990.

Look at other dictionaries:

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