Definitions of "binder"
  1. A binder in the context of insurance represents a short-term agreement that provides insurance coverage before the official policy is finalized
  2. 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
How to use "binder" in a sentence
  1. The car owner purchased a binder to ensure coverage during the transition until his new policy commenced.
  2. The real estate agent handed him a binder after he paid the initial amount to indicate his intent to purchase the property.
  3. 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.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z