Automatic Premium Loan Option Law and Legal Definition
Automatic premium loan option is an insurance policy option which will automatically pay any premium which is in default at the end of the premium grace period and charge the amount so paid against the policy as a loan. However, such premium should not be in excess of the policy's cash surrender value on the due date of the premium.
Legal Definition list
- Automatic Nonforfeiture Option
- Automatic Lender
- Automatic Identification System [AIS] [National Security]
- Automatic Flue Damper
- Automatic Energy-Saving Setback Thermostat
- Automatic Premium Loan Option
- Automatic Renewal Clause
- Automatic Restraining Order
- Automatic Stay
- Automatic Transfer Service Account [ATS]
- Automatic Vent Damper
Related Legal Terms
- Abandonment [Intercountry Adoption]
- Abandonment Option
- Accredited Agency [Adoption]
- Accredited Body [Adoption]
- Accrediting Entity [Adoption]
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Additional Premium
- Adjustable Rate Mortgage Loan
