§ 26-15-119 — Binders and other contracts for temporary insurance

(a) Binders or other contracts for temporary insurance may
be made orally or in writing and include all the usual terms of
the policy as to which the binder is given together with
applicable endorsements as are designated in the binder, except
as superseded by the terms of the binder.
(b) No binder is valid beyond the issuance of the policy
with respect to which it is given, or beyond ninety (90) days
from its effective date, whichever period is shorter.
(c) If the policy is not issued, a binder may be extended
or renewed beyond the ninety (90) days with the commissioner's
written approval or in accordance with rules and regulations
relative thereto the commissioner promulgates.
(d) This section does not apply to life or disability
insurances.