An insurance binder acts as a placeholder for a formal insurance policy. You may need to provide a lender with an insurance binder in order to take possession of an asset used to secure the loan.

Advertising disclosure: When you use our links to explore or buy products we may earn a fee, but that in no way affects our editorial independence. An insurance binder is a temporary policy document ...

Private placement life insurance (PPLI) is a type of universal life insurance that's only sold privately, not available to the public. It's primarily designed to help very wealthy people pay less ...

Amy Danise is the former managing editor for the insurance section at Forbes Advisor, which encompasses auto, home, renters, life, pet, travel, health and small business insurance. She is a highly ...

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Group term life insurance is a temporary insurance policy offered primarily through ...

COIs verify business insurance coverage, outlining policy type, effective dates, and limits. Unlike insurance binders, COIs are issued for active policies after underwriting is complete. Businesses ...

Les Masterson is a deputy editor and insurance analyst at Forbes Advisor. He has been a journalist, reporter, editor and content creator for more than 25 years. He has covered insurance for a decade, ...

When you’re planning to buy your dream home and need to take out a mortgage, you'll need a homeowners insurance binder to close on your home. Most lenders require that you carry homeowners insurance ...

Mortgage lenders commonly require that borrowers maintain a homeowners insurance policy on their home. Depending on how the timing lines up with closing on the property and completing the home ...