Examples of Outstanding Loan Amount in a sentence
When an Owner allocates an amount to an Investment Account (either by Premium allocation, transfer of Policy Value, or repayment of an Outstanding Loan Amount), the Policy is credited with Units in that Investment Account.
Loan repayments must be at least $100, or the total Outstanding Loan Amount, if less.
The Outstanding Loan Amount is equal to the amount in the Loan Account plus any unpaid and accrued interest on that amount.
At that time, any unpaid interest becomes part of the Outstanding Loan Amount and accrues interest at the then current rate.
On each Policy Anniversary, a pro rata amount of the unpaid interest will be transferred to the Loan Account so that the Loan Account will be equal to the Outstanding Loan Amount as of the date on which charged interest is due and payable.