What does Retroactive Period mean? Read on to discover the definition & meaning of the term Retroactive Period - to help you better understand the language used in insurance policies.
A retroactive period is a period of time during which an insurance company will not provide coverage for claims. The retroactive period is any period of time that occurs before a policy's retroactive date, which is the day that the policy starts providing coverage for legitimate claims.
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 Period. 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: