Insurance Binders as Evidence of Coverage
§ 27-9.4-3 Definitions.
As used in this chapter:
(1) "Insurance binder" means a written temporary contract of
insurance authorized by an insurer issued prior to the insurance policy that
(i) The name and address of the insured and any additional
named insureds, mortgagees, or lienholders;
(ii) A description of the property insured;
(iii) A description of the nature and amount of coverage;
(iv) The identity of the insurer and of the authorized
representative executing the binder;
(v) The effective and expiration date of coverage; and
(vi) The binder number or the policy number where applicable
to a policy extension.
(2) "Insurance policy" means a contract of insurance
describing the term, coverage, premiums, and deductibles.
(3) "Insured" means the person, group, or property for which
an insurance policy is issued.
(4) "Insurer" means any organization that issues property or
(5) "Lender" means an individual, partnership, corporation,
association, or other entity, or loan servicer acting on behalf of such party,
who lends money and receives or otherwise acquires a mortgage, a lien, a deed
of trust, or any other security interest in or on any real or personal property
as security for the loan.
History of Section.
(P.L. 2013, ch. 19, § 1; P.L. 2013, ch. 22, § 1.)