Binder or endorsement in lieu of policy

Insurance carriers authorized to issue policies as provided in this chapter may, pending the issuance of the policy, execute an agreement to be known as a binder, which shall not be valid beyond sixty days from the date it becomes effective, or may, in lieu of a policy, issue an endorsement to an existing policy, each of which shall be construed to provide indemnity or protection in like manner and to the same extent as a formal policy. The provisions of this chapter apply to these binders and endorsements.