Retroactive Date

An insurance policy that covers claims only if both the incident and the claim occur during the policy period or extended reporting period.

Coverage under a claims-made policy for incidents that occurred before the policy's retroactive date, protecting against claims for past work when switching insurers.

A business professional who analyzes probabilities of risk and risk management, including calculation of premiums, dividends, and other applicable insurance industry standards.

The process by which an insurer evaluates the risk of insuring a person or property and determines coverage terms and premium rates.

Insurance purchased by insurance companies to transfer portions of their risk portfolios to other insurers, reducing the likelihood of large payouts from claims.

The ratio of losses paid plus loss reserves to premiums earned, used by insurers to measure underwriting profitability and pricing adequacy.