Lost

OR NOT LOST. A phrase in policies of insurance, signifying the contract to be retrospective and applicable to any loss within the specified risk, provided the same is not already known to either of the parties, and that neither has any knowledge or information not equally obvious or known to the other. The clause has been adopted only in maritime insurance; though a fire or life policy is not unfrequently retrospective, or under a different phraseology, by a provision that the risk is to commence at some time prior to its date.

1 Phil. Ins. § 925.