Effective Date

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The date on which a contract becomes effective is known as the policy date.

The policy date is the date on which the terms and conditions of the contract take effect and the coverage or benefits provided by the policy begin. For insurance policies, this is typically the date on which the insured person or entity is covered by the policy and premium payments begin.

The policy date is important because it establishes the beginning of coverage and marks the start of the policy term. It is also the date from which the insurer begins to calculate premiums and collect payments. In addition, any changes or modifications to the policy terms, such as endorsements or riders, are typically effective from the policy date.

The other options listed are not typically associated with the policy date. The report date is the date on which an insurance claim is filed or reported to the insurer. The reinsurance date is the date on which a reinsurer assumes responsibility for part of the risk covered by an insurance policy. The record date is the date on which an investor must own shares in a company in order to be eligible to receive dividends or vote at a shareholder meeting.