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
Agreement by the insured that, simply because the insurer investigates and determines a value for the claim, the insurer does not admit liability for the claim. ...
Reserve at the beginning of the policy year that is equal to the terminal reserve for the preceding year plus the net level premium for the current year. ...
Phrase used to describe a method of annuity payout that guarantees a specified number of years, regardless of whether an annuitant remains alive. ...
Plan for excess layer (s) of insurance coverage over the primary coverage, for example, if a corporation buys $8 million as excess above a $2 million self insurance retention level. Excess ...
Coverage during the transfer of securities and monies, precious metals, and other specified types of valuables by armored guard services. Policies are specifically designed to fit an ...
Financial statement, issued by the insurance company on a monthly basis to its agents, showing for each agent his or her commissions earned, premiums written, policy cancellations, and any ...
Homeowners policy to cover the owner of a townhouse. ...
Base upon which a mortality table is built by beginning with a randomly selected group of people who are alive at the earliest age for which statistics are available on the number of people ...
Property coverage on a dealer's interest in equipment while it is being installed. Labor and material are protected against such perils as fire, lightning, and windstorm. For example, if an ...
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