When you take out a loan to purchase a car, home or commercial property, the lender typically requires you to prove you have insurance coverage in place for the asset you're buying. However, it can ...

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 ...