Definitions for "Insurance binder"
Documentation that states that insurance is temporarily in effect. A permanent policy must be obtained before the expiration date because the coverage will expire by a specified date.
A document issued by an Insurance Company evidencing that appropriate property insurance has been obtained.
temporary policy used until a permanent policy can be obtained. It is usually valid for 30, 60, or 90 days.
Keywords:  pmi, lesser, fha, incurred, defaults
A mortgage that is protected by the Federal Housing Administration (FHA) or by private mortgage insurance (PMI). If the borrower defaults on the loan, the insurer must pay the lender the lesser of the loss incurred or the insured amount.
Keywords:  unique, contract, type
a unique type of contract