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
In addition, the Ceding Company shall transfer to the Assuming Company all of its right, title and interest in and to the Policy Loan Balances with respect to such Novated Contracts as of the Effective Time through accounting transfers and other assets, if any, held by the Ceding Company that are attributable to the Novated Contracts.
LOAN DIVISION The Loan Division is the account which is set aside to secure the Policy Loan, if any.
The amount you can borrow at any time is equal to the Loan Value less any Policy Loan Balance at that time.
The Policy Loan Balance at any time means Policy Loans outstanding plus interest accrued to date.
Subject to any cost or credit and the repayment of any Policy Loan Balance; and .
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 shall refer to the borrowing effected by the Trust under the loan documents referenced in Section [ ] of this Trust Agreement.