policy loan
Definition
Loan obtained by a policyholder from an insurance company against the cash surrender value of a whole life insurance policy. If the policy holder dies before the full repayment of the loan, the loan balance is deducted from the death benefit.
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policy loan is in the Accounting & Auditing, Banking, Commerce & Finance and General, Marine, & Life Insurance subjects.
policy loan appears in the definition of the following term: whole life insurance
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