Asked by Tristen Adams on Jul 06, 2024
Verified
A(n) ________ will provide temporary insurance coverage until the policy is formally accepted.
A) premium
B) adhesion contract
C) warranty
D) binder
Binder
An oral or a written memorandum of an agreement for insurance intended to provide temporary insurance coverage until the policy is formally accepted.
Insurance Coverage
The protection provided by an insurance policy against financial loss or damage, specifying what types of loss are compensated.
Adhesion Contract
A contract drawn by one party that must be accepted on a take-it-or-leave-it basis.
- Explain the concept of premium and its significance in insurance policies.
Verified Answer
Learning Objectives
- Explain the concept of premium and its significance in insurance policies.
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