An insurance binder acts as a placeholder for a formal insurance policy. You may need to provide a lender with an insurance binder in order to take possession of an asset used to secure the loan.

Advertising disclosure: When you use our links to explore or buy products we may earn a fee, but that in no way affects our editorial independence. Your auto insurer can cancel your policy if you fail ...

Alexandra Twin has 15+ years of experience as an editor and writer, covering financial news for public and private companies. Anthony Battle is a CERTIFIED FINANCIAL PLANNER™ professional. He earned ...

Penny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny ...

Penny Gusner is a senior insurance writer and analyst at Forbes Advisor. For more than 20 years, she has been helping consumers learn how insurance laws, data, trends, and coverages affect them. Penny ...

James Chen, CMT is an expert trader, investment adviser, and global market strategist. Eric's career includes extensive work in both public and corporate accounting with responsibilities such as ...

Advertising disclosure: When you use our links to explore or buy products we may earn a fee, but that in no way affects our editorial independence. Auto-Owners’ standard policy has an average monthly ...