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What is a look-back?

What is a look-back? Here are some definitions.

Noun
  1. A look in a backward or retrospective manner; an additional or secondary look; a review.
  2. (finance, often attributive) A kind of exotic option whose payoff depends on the optimal (maximum or minimum) underlying asset's price occurring over the life of the option.
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Examples
McLeod sued the insurer, claiming that she had not received treatment for MS during the look-back period because the MS had not yet been diagnosed.

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