Definitions for "Premium Loan"
Related Terms:
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Option providing for premium payment via an automatic loan on the policy.
A loan, sometimes made by a third party, made for the purpose of paying premiums to the insurer.
See automatic premium loan.
A policy loan made for the purpose of paying premiums.
In life insurance, a loan taken from the policy's cash value to pay the premium due. Many policies also have an "automatic premium loan", provision that is activated to pay overdue premium.
A loan made from an insurance policy to cover the premiums.
Many Cash Value Life Insurance Policies contain a provision by which an unpaid premium is automatically paid by borrowing the needed funds from the cash balance. This prevents the policy from lapsing.