A stratgey used to cut expenses by reducing the overall operations of a company.

a new trial that is conducted when an issue has been disputed and decided by court but is being re-examined due to an unfair or improper result.

This word is sometimes used in law, though not commonly in modern times, as the equivalent of “recompense,” or a payment or compensation for services, property, use of an estate, […]

Electronic commerce term where a specific transaction performed by a credit card is asked for by the issuer of the credit card.

Lat. Back; backward; behind. Rctrofeodum, a rerefief, or arriere fief. Spel- man.

has the same meaning as ” retrospective ,” (q. v.)

The conversion of a life policy to cash where the effective date becomes the date of issue and not the date of conversion.

A date that may be included in a policy from where no other claims can be made.

Practiced by the credit card industry where the interest rate is increased and it covers item that were purchased at a lower credit rate.

Any wages that are owing that are paid at a new rate of pay owing after the last pay agreement is over.

The pricing in contracts that will reflect performance or new cost data at hand and is decided after a set protion of work has been carried out.

a law that imposes a new obligation on past things or a law that starts from a date in the past.

The first party involved in the contractual transfer of responsibility to another party.

Using a retrocession contract to defer responsibility from the retrocedant to a retrocessionaire . Refer to cede, recessionaire, and retrocedant.

In the civil law . When the assignee of heritable rights conveys his rights back to the cedent, it is called a ” retrocession .” Ersk. Inst. 3, 5, 1.

An attempt by a reinsurer who accepts the transfer of risks to expand their reinsurance portfolio. Refer to retrocedant and retrocession .

The action of modifying present equipment with new parts to enable it to perform its job.

Looking back; contemplating past.

An insurance policy that covers existing and incurred but not yet reported losses up to a dollar amount. Refer to loss portfolio transfer and retrospective finite policy .

An insurance policy structured as adverse development cover loss portfolio transfer , and retrospective aggregate loss cover allowing management of existing liabilities and losses. AKA postfunded policy. Refer to prospective […]

the phrase that means the same as a retroactive statute .

The final that is to be paid on rating plan that is retrospective .

A rating system where an employerpays a part of an employee’s cost for any health care .

The adjustment of insurance premium rates based on the losses incurred over the current year .

The legal review focusing on the board of directors actions just prior to the financial difficulties that is performed by external parties as a result of a declaration of bankruptcy.