What does Retroactive Liability Insurance mean? Read on to discover the definition & meaning of the term Retroactive Liability Insurance - to help you better understand the language used in insurance policies.
Retroactive Liability Insurance
Retroactive liability insurance (or retroactive cover) is a policy that covers a loss that happened before the insurance was purchased. The coverage can include liability for an incident related to a property or a person that has not yet been reported to an insurance company.
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 Liability 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: