Definition of Policy Loan


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

Interest payable at the time a Policy Loan is made will be subtracted from the loan proceeds.
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.
Postponement of a Policy Loan may take place under the same circumstances described above with respect to surrender payments.
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.
Policy Debt equals the sum of all unpaid Policy Loans and any due and unpaid Policy Loan interest.