Policy Loan definition

Policy Loan means a loan by an insurer, including a pre- mium loan, secured by the cash surrender value of a policy issued by the insurer.

Policy Loan means with respect to a Policy, an outstanding loan secured thereby or that has setoff rights with respect thereto.

Policy Loan means, with respect to any Policy, any loan or other cash advance made against the cash value of such Policy.

Examples of Policy Loan in a sentence

• Postponement of a Policy Loan may take place under the same circumstances described above with respect to surrender payments.

• Interest payable at the time a Policy Loan is made will be subtracted from the loan proceeds.

• When a Policy Loan is made, an amount equal to the Policy Loan will be segregated within the Declared Interest Option as security for the Policy Loan.

• Interest is payable in advance at the time any Policy Loan is made (for the remainder of the Policy Year) and on each Policy Anniversary thereafter (for the entire Policy Year) so long as there is Policy Debt outstanding.

• Policy Debt equals the sum of all unpaid Policy Loans and any due and unpaid Policy Loan interest.

More Definitions of Policy Loan

Policy Loan means a loan made to a policyholder by an insurer carrying on long- term business on the security of the cash surrender value of the policyholder’s policy of insurance;

Policy Loan. You may request a loan at any time while your policy is in force. All loans must be requested in writing on a form acceptable to us. The loan date is the date we process the loan.

Policy Loan means a loan - not treated as a financial service - that may be provided by the insurer to the holder of a life assurance policy up to its cash surrender value and which is settled by the parties upon or before the occurrence of the insurance event or the termination of the contract;

Policy Loan means any loan extended by us to you under provision B of this Policy including any Automatic Premium Loans.

Policy Loan shall have the meaning set forth in Section 2.05.

Policy Loan. After the first policy year, you may request a loan at any time while your policy is in force. The loan must be requested in writing on a form acceptable to us. The amount of the loan and all existing loans may not be more than the maximum loan value as of the loan date. The loan date is the date we process the loan. The minimum loan amount is $200. The loan will be made upon the sole security of the policy and proper assignment of your policy to us.

Policy Loan means an amount advanced by an insurer to a policyholder in accordance with the terms and conditions of a life insurance policy;