binder
- A binder in the context of insurance represents a short-term agreement that provides insurance coverage before the official policy is finalized
- In real estate, a binder is essentially a receipt verifying that a certain amount of money has been paid to secure the option to buy a property under specified conditions
- The car owner purchased a binder to ensure coverage during the transition until his new policy commenced.
- The real estate agent handed him a binder after he paid the initial amount to indicate his intent to purchase the property.
- Being interested in the house, the potential buyer provided an amount of money in exchange for a binder that affirmed his right to buy under specific terms.
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