What does Retroactive Date mean? Read on to discover the definition & meaning of the term Retroactive Date - to help you better understand the language used in insurance policies.
The retroactive date is the day when insurance coverage begins. Claims filed for dates before this day will not be covered. However, claims filed on or after this date will receive coverage as long as the claim is filed within the limits of the coverage period.
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 Retroactive Date. 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: