What Does Delivery Receipt Mean?
A delivery receipt, in the context of insurance, is a document that an insurance policyholder signs following the successful delivery of an insurance policy. The delivery receipt informs the insurance company that the delivery did not fail, and the customer now possesses the actual policy. The effective date of the policy, and whether or not coverage has begun may depend on the type of receipt an insurance policyholder is provided with.
Insuranceopedia Explains Delivery Receipt
Sometimes, a person seeking insurance may receive a conditional receipt upon application for an insurance policy. This type of receipt can grant coverage immediately. However, it is typically temporary, only lasting until the person's application is approved or denied. Also, it typically requires a premium to be paid. Insurers may issue binders or documents providing a different type of temporary proof of insurance coverage as well until the actual policy is delivered. Following the delivery of the actual policy, the policyholder would sign the delivery receipt.