What is Policy Binding?

23.06.2020
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In the insurance industry, policy binding refers to insurance coverage, and means that coverage is in place even if the policy has yet to be issued by the insurer. Often, binding takes place through a verbal agreement, in person or over the telephone between you and your agent or insurer. It can also occur through electronic communication, such as an email or text message, though laws regarding e-commerce and digital signatures vary by state, and are subject to rapid change as technology progresses.

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