Wisconsin Statutes 631.05 – Oral contracts of insurance and binders
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Terms Used In Wisconsin Statutes 631.05
- Contract: A legal written agreement that becomes binding when signed.
No provision of chs. 600 to 646 and 655 may be interpreted to forbid an oral contract of insurance or issuance of a written binder. The insurer shall issue a policy as soon as reasonably possible after issuance of any binder or negotiation of an oral contract.