What does Retaliatory Law mean? Read on to discover the definition & meaning of the term Retaliatory Law - to help you better understand the language used in insurance policies.
A state law providing that another state will be treated in the same terms that the home state is treated by the foreign state in dealings with insurance. If, for example, another state requires that all nonresident agents writing insurance or risks in that state obtain a license from that state, a state with a retaliatory law will impose the same requirement on that other state's agents.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Retaliatory Law. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: