What does Retroactive Restoration mean? Read on to discover the definition & meaning of the term Retroactive Restoration - to help you better understand the language used in insurance policies.
Retroactive restoration occurs when an insured party does not lose any coverage after a covered claim is approved. Instead, the full coverage amount for the policy is automatically restored. This means that policyholders with policies that feature retroactive restoration will still have access to the full amount of coverage for the policy even if they have losses.
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 Restoration. 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: