Definition of "Loan"
Money that is lent. In life insurance, a loan can be taken against the cash value of a life insurance policy at any time. The policyholder does not have to repay the loan until the policy matures or until the loan and any outstanding interest equals the cash value.
Popular Insurance Terms
Maximum amount that an insurance company is obligated to pay all injured parties seeking recourse as the result of the occurrence of an event covered under a liability insurance pol ...
Premiums paid out of funds borrowed from the cash value of a life insurance policy. ...
Insurance in which most of the premium (generally 80 to 90%) is invested in traditional fixed income securities. The remainder of the premium is invested in call option contracts tied to a ...
Record of losses, whether or not insured. This record is used in predicting future losses and in developing premium rates based on expectation of insured losses. ...
Written notice to an insured showing date of termination of an insurance policy. ...
Provision of the 1987 Tax Act that excludes life insurance owned by a third party or an irrevocable trust from federal estate taxes. Life insurance, as well as the deceased's personal ...
Policy designed to act as a supplement to Medicare. The supplementation is in the form of additional benefits to that provided by Medicare. The additional benefits are in the form of ...
Life insurance on the life of a child. ...
Life insurance company form to be signed by a policyholder who wishes to surrender a policy that has been lost. The signed receipt then becomes evidence that the policy is no longer in ...
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