What does Binding Receipt mean? Read on to discover the definition & meaning of the term Binding Receipt - to help you better understand the language used in insurance policies.
A binding receipt is a document given to the insured by the insurance company that is proof of coverage, effective only if the initial premium is paid. However, even if the insured dies without complete payment of the policy, the company is still liable to provide some, if not all, of the benefits.
We hope the you have a better understanding of the meaning of Binding Receipt.