Common use of Loan Balance Clause in Contracts

Loan Balance. Loan balance includes all unpaid contract loans and any accrued loan interest. We will deduct any outstanding loan balance from the contract Proceeds. Your contract lapses when your Cash Surrender Value is no longer positive. We will send notice to your address of record and to the holder of any assignment of record at least 31 days before termination.

Loan Balance. Loan balance includes means all unpaid contract loans and any accrued loan interest. We will deduct any outstanding loan balance from the contract Proceeds. Your contract lapses when is terminated whenever your Cash Surrender Value is no longer positive. We will send mail notice to your last known address of record recorded with us and to the holder of any assignment of record at least 31 days before such termination.