• A preliminary, temporary agreement between the carrier and the insured to provide immediate insurance on the risk in accordance with the terms of the contemplated policy during the period from the time the application is received by the carrier or its agent until a policy is issued.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).