Which term describes a temporary insurance contract that can be verbal or written?

A binder refers to a temporary insurance contract that provides interim coverage until a formal policy is issued. It can be established either verbally or in writing, and it serves as a placeholder for coverage while the details of the policy are being finalized. Since a binder is intended to provide immediate protection, it is particularly useful in scenarios where prompt insurance coverage is required before the full policy can be executed.

Endorsements are modifications or additions to an existing insurance policy, rather than standalone contracts. Exclusions are specific provisions within an insurance contract that detail what is not covered by the policy. A policy, on the other hand, is the final contract that outlines the terms and conditions of the coverage being provided. Thus, the definition of a binder as a temporary insurance solution that can be communicated in various forms makes it the correct choice for this question.