loan on life insurance policy


loan on life insurance policy
By insurer: not a "loan" in the ordinary sense of the term, being merely an advance by the insurer of a sum which the insurer ultimately must pay the borrower, that is, the insured. 29 Am J Rev ed Ins § 615. A loan by a bank or other financial institution in which the policy is assigned to the bank or other institution by way of security.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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