Retroactive Restoration
Definition of "Retroactive restoration"
Reinstatement of an insurance policy or bond to its original face amount (face of policy) after the payment by the insurer of a loss. The purpose of this type of coverage is to indemnify the insured if, at a time period in the future, previous losses incurred by the insured are discovered.
Popular Insurance Terms
Same as term Fair access to Insurance Requirements: insurance that grew out of the urban demonstrations and riots of the 1960s. Because of the deteriorated social and economic circumstances ...
Degree of underwriting profit that an insurance company's book of business shows. ...
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Form of state rating legislation that allows each property/liability insurer to choose between using rates set by a bureau or its own rates. Individual states regulate insurers and approve ...
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