Common use of Loan Interest Clause in Contracts

Loan Interest. The Specified Rate loan interest option or the Variable Rate loan interest option is elected on the application. The Owner may change this election at any time, but the change will not take effect until the January 1st following receipt of a written request at the Company's Home Office. Interest accrues and is payable on a daily basis from the date of the loan. Unpaid interest is added to the loan.

Loan Interest. The Specified Rate loan interest option or the Variable Rate loan interest option is elected on the application. The Owner may change this election at any time, but the change will not take effect until the January 1st following receipt of a written request at the Company's Home Office. Interest accrues and is payable on a daily basis from the date of the loanloan on policy loans and from the premium due date on premium loans. Unpaid interest is added to the loan.