Terms Used In Rhode Island General Laws > Chapter 27-9.4 - Insurance Binders as Evidence of Coverage

• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Insurance binder: means a written temporary contract of insurance authorized by an insurer issued prior to the insurance policy that includes:

  (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. See Rhode Island General Laws 27-9.4-3

• Insurance policy: means a contract of insurance describing the term, coverage, premiums, and deductibles. See Rhode Island General Laws 27-9.4-3
• Insured: means the person, group, or property for which an insurance policy is issued. See Rhode Island General Laws 27-9.4-3
• Insurer: means any organization that issues property or casualty insurance. See Rhode Island General Laws 27-9.4-3
• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
• Personal property: All property that is not real property.