Loan Receipt Law and Legal Definition
Loan receipt is an acknowledgment by the policy owner that s/he has received the requested policy loan. In other words, it is the document signed by the assured where s/he acknowledges receipt of money given by the insurance company as an interest free loan (instead of payment of a loss). The money has to be repaid to the insurance company only if the loss is recovered from a third party and only to the extent of the recovery.
Legal Definition list
Related Legal Terms
- Acquisition and Improvement Loan [Veterans' Relief]
- Acquisition Loan [HUD]
- Acquisition, Development and Construction (ADC) Loan
- Adjustable Rate Mortgage Loan
- Administrative Cost of Issuing a Loan Guarantee
- Air Loan
- Alien Registration Receipt Card
- Allowance for Loan and Lease Losses
- American Depositary Receipt
- American Depository Receipt
