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In the insurance business, a client obtains a quote for the premium to insure some property or situation. If the price/quote is acceptable, the client accepts and the agent/broker binds the contract on behalf of his company. The bound agreement is usually limited time-wise to a period of perhaps 30 days and is replaced by a written and signed contract between the client and the insurance company.
- In the insurance business, a client obtains a quote for the premium to insure some property or situation.
- If the price/quote is acceptable, the client accepts and the agent/broker binds the contract on behalf of his company.
- The bound agreement is usually limited time-wise to a period of perhaps 30 days and is replaced by a written and signed contract between the client and the insurance company.
- To ‘bind’ is to obligate the insurance company to pay the client if an insurable loss occurs before that written contract is received.
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In the insurance business, a client obtains a quote for the premium to insure some property or situation. If the price/quote is acceptable, the client accepts and the agent/broker binds the contract on behalf of his company. The bound agreement is usually limited time-wise to a period of perhaps 30 days and is replaced by a written and signed contract between the clie
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