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The definitions contained herein are for general information only and are not
designed for use in connection with the interpretation of any insurance policy
or annuity policy issued through Insurance Answer Center.
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Life Insurance Glossary Terms 4 A B C D E F G H I J K L M N O P Q R S T U V W Y |
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Policy Loan |
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This is the amount that the owner of a life insurance policy can borrow at interest from the insurer, often at favorable rates. The outstanding loan at any time will include any unpaid loan interest. It is secured by the cash value of the policy and the outstanding loan amount, including interest on the loan, cannot exceed the cash value. When the policy death benefits are paid to the beneficiary or the cash value is paid on surrender to the policyowner, the amount of the outstanding policy loan is first deducted. See also Indebtedness, Whole Life, Interest-Sensitive Whole Life and Universal Life. (someone please check this definition KS) |
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Learn More about Life Insurance
Start a Life Insurance Quote
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| Answer Financial(R) Inc. offers insurance products and services through its licensed affiliates Insurance Answer Center(R) Inc. (California License No. 0B99714), Answer Center Insurance Agency, Inc., and other affiliates. Answer Financial is not an insurance company. Insurance plans and services are from insurance companies and other licensed insurance-related providers. Not all products available in all states. Rates subject to change. |
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