Retroactive conversion

{
  "id": "MLC-T-INS-002935",
  "term": "Retroactive conversion",
  "field": "Insurance and risk management",
  "definition": "The process of changing an insurance policy from one type to another, with the effective date of the new policy being set to an earlier date. This is sometimes permitted for term life insurance policies converting to permanent life insurance, allowing the insured to retain the original issue age for premium calculations. It can result in a lump sum payment for back premiums and interest.",
  "url": "https://mlchart.com/terminology/insurance/retroactive-conversion/"
}