Even computers can (in one way or another) have binding power. Click here to read a detailed definition of insurance contracts. The insurance file lists all the coverages for which you are covered while waiting for a new policy, as well as coverage limits, deductibles, fees and terms. People often need home and auto insurance records to prove insurance coverage when buying a home with a mortgage or a new car with a car loan. In addition, insurance companies may use terms such as tie coverage or commitment insurance, which also means that the insurer is obligated or bound by a coverage agreement before the policy is issued. If an agent does not have this authority, they must ask someone else to approve the client`s request on their behalf. If an agent has binding power, it means that they are allowed to tie the insurance company to new policies without first seeking approval from the insurance company.
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