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Simple English definitions for legal terms
interim receipt
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A quick definition of interim receipt:
An interim receipt is a written acknowledgment that a payment has been made for an insurance policy, but the policy is still pending final approval. It is not a final receipt, but rather a temporary one until the policy is fully processed.
A more thorough explanation:
An interim receipt is a written acknowledgment of a payment made on an insurance policy that is waiting for final approval. It is a temporary receipt that confirms the payment has been received and is being processed.
- John paid his car insurance premium and received an interim receipt while waiting for the final policy documents.
- Mary paid her health insurance premium and was given an interim receipt until the policy was approved.
These examples show that an interim receipt is given when a payment is made on an insurance policy, but the policy is not yet finalized. The interim receipt serves as proof of payment and assures the policyholder that their payment is being processed.