What does Retroactive Insurance mean? Read on to discover the definition & meaning of the term Retroactive Insurance - to help you better understand the language used in insurance policies.
Retroactive insurance is a type of insurance that provides coverage for losses that have already occurred but have not yet been reported. Losses may go unreported because they were forgotten, not recognized, or the paperwork simply wasn't filed when it should have been.
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 Insurance. 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: