Policy Debt definition

Policy Debt. The principal amount of any outstanding loan against the Policy, plus accrued but unpaid interest on such loan.
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Policy Debt. The sum of all unpaid policy loans and accrued interest thereon.
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Policy Debt means the aggregate amounts that you owe us under this Policy, including any accrued interest.
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Examples of Policy Debt in a sentence

  • This proportion will equal the Monthly Benefit payment, before reduction for repayment of Policy Debt, divided by the death benefit immediately before the payment.

  • Redd, A.D., T.C. Quinn, and A.A. Tobian, Frequency and implications of HIV superinfection.

  • As described under the Policy Debt provision above, a portion of the Accelerated Death Benefit Payment will be used to repay any Policy Debt in effect on the Election Date.

  • On the Election Date, the Policy Debt and the Accelerated Death Benefit Payment will be reduced by the Debt Repayment Amount.

  • It is not applied to the Interest Bonus or any portion of the Account Value that is Policy Debt or the Minimum Account Value.

  • If the Insured, whether sane or insane, commits suicide within one (1) year from the Issue Date or Commencement Date, whichever is later, our liability under the Policy will be limited to the refund of premiums paid (without interest) less any Policy Debt.

  • The Policy Debt and the Payment will be reduced on the Election Date by the Debt Repayment Amount, which equals the Policy Debt multiplied by the ratio of 1.

  • The payment must first be applied to pay off any Policy Debt to Us. Upon a Final Election, all Endorsements and Riders attached to the Policy, except this Endorsement, will terminate on the Final Election date.

  • Generally, gain in the policy is the excess, if any, of the Accumulated Value, not reduced by Policy Debt over the policy cost basis.2. Further, distributions taken from a policy during the two years prior to the policy becoming a MEC will be subject to MEC rules in the year the policy became a MEC and may become taxable at that time.

  • Debt Repayment Amount – The Debt Repayment Amount is equal to the Policy Debt on the Election Date multiplied by the ratio of 1.


More Definitions of Policy Debt

Policy Debt is equal to unrepaid policy loans (including unpaid interest added to the loan) plus accrued interest not yet due.
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Policy Debt means amounts owed to us under the "Cash loan" and "Automatic premium loan" provisions, including interest.
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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.
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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.
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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.
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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.
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Related to Policy Debt

  • Purchase Money Debt means Debt:

  • Closing Date Indebtedness means the aggregate amount of Indebtedness, determined as of and immediately prior to the Closing.

  • Credit Facility Indebtedness means any and all amounts, whether outstanding on the Issue Date or thereafter Incurred, payable under or in respect of any Credit Facility, including without limitation principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or any Restricted Subsidiary whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees, other monetary obligations of any nature and all other amounts payable thereunder or in respect thereof.

  • Project Finance Indebtedness means any present or future indebtedness incurred to finance the ownership, acquisition, development and/or operation of an asset, whether or not an asset of a member of the Group:

  • Insurance Add-On Amount means the premium charged to the Obligor in the event that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

  • Insurance Amount has the meaning set forth in Section 6.08(c).

  • Refinanced Indebtedness shall have the meaning provided in the definition of the term “Permitted Refinancing Indebtedness”.

  • Assumed Indebtedness means Indebtedness of a Person which is (a) in existence at the time such Person becomes a Restricted Subsidiary of the Borrower or (b) is assumed in connection with an Investment in or acquisition of such Person, and has not been incurred or created by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Borrower.

  • Existing Debt means Debt of each Loan Party and its Subsidiaries outstanding immediately before the occurrence of the Effective Date.

  • Intercompany Debt has the meaning specified in Section 7.02.

  • Funded Debt means all Indebtedness of the Parent Borrower and its Restricted Subsidiaries for borrowed money that matures more than one year from the date of its creation or matures within one year from such date that is renewable or extendable, at the option of such Person, to a date more than one year from such date or arises under a revolving credit or similar agreement that obligates the lender or lenders to extend credit during a period of more than one year from such date, including Indebtedness in respect of the Loans.

  • Existing Indebtedness Agreements shall have the meaning provided in Section 5.05.

  • Company Indebtedness means all indebtedness of the Company (including without limitation, any loans, advances, letters of credit, bank overdrafts, capital lease obligations and all other indebtedness of any kind including interest, principal and fees).

  • Refinanced Debt has the meaning assigned to such term in the definition of “Credit Agreement Refinancing Indebtedness.”

  • Contribution Indebtedness means Indebtedness, Disqualified Stock or Preferred Stock of an Issuer or any Subsidiary Guarantor in an aggregate principal amount not greater than the aggregate amount of cash contributions (other than Excluded Contributions) made to the capital of such Issuer or such Guarantor after the Issue Date, provided that:

  • Subordinate Indebtedness means all present and future indebtedness, obligations, and liabilities of Borrower to Subordinate Lender under or in connection with the Subordinate Loan or the Subordinate Loan Documents.

  • Long-Term Indebtedness means any Indebtedness that, in accordance with GAAP, constitutes (or, when incurred, constituted) a long-term liability.

  • Excluded Indebtedness means all Indebtedness not incurred in violation of Section 6.01.

  • Existing Indebtedness means Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Credit Agreement) in existence on the Issue Date, until such amounts are repaid.

  • Indebtedness means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

  • Funded Indebtedness means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

  • Purchase Money Indebtedness means (a) any indebtedness incurred for the payment of all or any part of the purchase price of any fixed asset, including indebtedness under capitalized leases, (b) any indebtedness incurred for the sole purpose of financing or refinancing all or any part of the purchase price of any fixed asset, and (c) any renewals, extensions or refinancings thereof (but not any increases in the principal amounts thereof outstanding at that time).

  • Debt Amount means all accrued and unpaid interest and any “make whole” payments or breakage fees (less any breakage benefits) which Project Co is obligated to pay to Lender pursuant to the Lending Agreements, together with the outstanding principal amount of debt funded under the Lending Agreements.

  • Closing Indebtedness means the Indebtedness of the Company that remains outstanding and unpaid as of immediately prior to the Closing.

  • Casualty Amount means five hundred thousand Dollars (USD500,000) (or the equivalent in any other currency);