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
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Provisions added to an original insurance policy that alter or modify benefits and coverages of the contract. For example, a homeowners insurance policy can be endorsed to cover a ...
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