20-1120. Binders
A. Binders or other contracts for temporary insurance may be made orally or in writing, and shall be deemed to include all the usual terms of the policy as to which the binder was given together with such applicable endorsements as are designated in the binder, except as superseded by the clear and express terms of the binder.
B. No binder shall be valid beyond the issuance of the policy with respect to which it was given, or beyond ninety days from its effective date, whichever period is the shorter.
C. If the policy has not been issued a binder may be extended or renewed beyond such ninety days with the written approval of the director, or in accordance with such rules and regulations relative thereto as the director may promulgate.
D. This section shall not apply to life or disability insurances.
Section: Previous 20-1113 20-1114 20-1115 20-1116 20-1117 20-1118 20-1119 20-1120 20-1121 20-1122 20-1123 20-1123.01 20-1124 20-1125 20-1127 NextLast modified: October 13, 2016