Policy Debt definition
Policy Debt. The principal amount of any outstanding loan against the Policy, plus accrued but unpaid interest on such loan.
Policy Debt. The sum of all unpaid policy loans and accrued interest thereon.
Policy Debt means the aggregate amounts that you owe us under this Policy, including any accrued interest.
Examples of Policy Debt in a sentence
The Net Cash Surrender Value is the Cash Surrender Value less any Policy Debt.
If the Accumulated Value less Policy Debt on a Monthly Payment Date is sufficient to cover the Monthly Deduction due, the policy will continue In Force.
The Loan Account Value is a portion of the Accumulated Value set aside to secure the Policy Debt.
If the Accumulated Value less Policy Debt on a Monthly Payment Date is not sufficient to cover the Monthly Deduction due, a Grace Period of 61 days will be allowed for the payment of sufficient premium to keep your policy In Force.
Net Accumulated Value – is the Accumulated Value less any Policy Debt.
More Definitions of Policy Debt
Policy Debt means amounts owed to us under the "Cash loan" and "Automatic premium loan" provisions, including interest.
Policy Debt. The "Policy Debt" is equal to unrepaid policy loans (including unpaid interest added to the loan) plus accrued interest not yet due.
Policy Debt is equal to unrepaid policy loans (including unpaid interest added to the loan) plus accrued interest not yet due.
Policy Debt. The Policy Debt is the amount necessary to repay the Policy Loan in full and is equal to the Loan Account plus any Loan Interest Charge. The Policy Debt reduces any amount otherwise payable under the policy.
Policy Debt means the total outstanding loans with interest. Policy debt must not exceed the cash value of the policy. If policy debt ever equals or exceeds the cash value, the policy will cease thirty-one days after we have mailed written notice to your last known address and to the address of any collateral assignee of the policy as shown by our records. The interest rate charged on policy debt is 6% per year compounded annually. A policy loan may be for any amount which does not exceed the cash value on the next premium due date or the next policy anniversary, if sooner, minus interest in advance to the end of the current policy year, any premium due that is unpaid and any policy debt. You may repay all or any part of policy debt at any time. Any policy debt will be deducted from the amount payable if you surrender the policy, from any amount applied to a settlement option or from the amount payable by reason of the Insured’s death.
Policy Debt. The sum of all outstanding policy loans plus accrued interest. Policy Effective Date: The date shown on the Policy Schedule and on which coverage takes effect. For any increase, decrease, additions, or changes to coverage, the Policy Effective Date shall be the first Monthly Anniversary Day on or following the date the supplemental application is approved by the Company. The Policy Effective Date will never be the 29th, 30th or the 31st of a month. Policy Value: The sum of the Variable Account Value, the Fixed Account Value and the Loan Account Value. The Policy Value on the Policy Effective Date is the initial Net Premium less the Monthly Deduction for the upcoming month. Policy Year: Each period of 12 months commencing with the Policy Effective Date.
Policy Debt. The amount of outstanding loans plus accrued interest. Policy Debt is deducted from proceeds payable at the death of the second insured to die, on maturity, or at the time of surrender. Policy Month - A one-month period beginning on a Monthly Anniversary Day and ending on the day immediately preceding the next Monthly Anniversary Day.