Binder

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Binder

A written document that records the essential provisions of a contract of insurance and temporarily protects the insured until an insurance company has investigated the risks to be covered, or until a formal policy is issued.

A receipt for cash or for a check that is deposited by a prospective buyer with the seller to secure the right to purchase real estate at terms that have been agreed upon by both buyer and seller.

binder

n. a written statement of the key terms of an agreement, in particular insurance policies, so that the insured as well as lenders can be assured there is valid and adequate insurance coverage. (See: insurance)

References in periodicals archive ?
Though not the inventor, William Deering certainly played a major role in development of the twine binder. During the experimentation phase in the 1870s, Deering sold Deering-built Marsh harvesters at cost to aspiring inventors of binding attachments so they could test their ideas.
Gammon & Deering observed the machine at work and was the first major firm to build Appleby binders under license and, as Appleby said, "In four years manufacturers necessarily turned to the little Wisconsin firm for the right to build twine binders." Deering built 3,000 twine binders in 1880, causing a stir among his competitors.
Who first put successful automatic twine binders on the market?