Definitions for "Automatic Premium Loan"
A provision in a life insurance policy that any premium not paid by the end of the grace period (usually 31 days) is automatically paid by a policy loan if there is sufficient cash value. Skip alphabetic navigation to B
An optional policy provision that allows the insurer to pay an overdue premium on a life insurance policy by making a loan against the policy's cash value.
A loan provision in a life insurance policy allowing any premium not paid by the end of the grace period (usually 30 or 31 days) to be paid automatically through a policy loan if cash value is sufficient.