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Brokers may bind risks in accordance with the terms of their Company-Broker agreements. Which one (1) of the following statements about Cover Notes or Binders is correct? Binders may be oral or written. Only written binders are legal. All binders expire automatically seven days after their effective. Binders only become effective after a premium is paid for them.

Brokers may bind risks in accordance with the terms of their Company-Broker agreements. Which one (1) of the following statements about Cover Notes or Binders is correct? Binders may be oral or written. Only written binders are legal. All binders expire automatically seven days after their effective. Binders only become effective after a premium is paid for them.

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Brokers may bind risks in accordance with the terms of their Company-Broker agreements. Which one (1) of the following statements about Cover Notes or Binders is correct? Binders may be oral or written. Only written binders are legal. All binders expire automatically seven days after their effective. Binders only become effective after a premium is paid for them.
Transcribed Image Text:Brokers may bind risks in accordance with the terms of their Company-Broker agreements. Which one (1) of the following statements about Cover Notes or Binders is correct? Binders may be oral or written. Only written binders are legal. All binders expire automatically seven days after their effective. Binders only become effective after a premium is paid for them.
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