MLchartDataset catalogue

Automatic premium loan

Term · Insurance and risk management · MLC-T-INS-000497

A policy provision in a whole life insurance contract that allows the insurer to automatically pay an overdue premium using the policy's cash value. This prevents the policy from lapsing due to non-payment, treating the advanced amount as a loan against the policy. Interest is charged on the loan at a rate specified in the policy contract.

Table 1. Record
IdentifierMLC-T-INS-000497
FieldInsurance and risk management
Record as JSON 
{
  "id": "MLC-T-INS-000497",
  "term": "Automatic premium loan",
  "field": "Insurance and risk management",
  "definition": "A policy provision in a whole life insurance contract that allows the insurer to automatically pay an overdue premium using the policy's cash value. This prevents the policy from lapsing due to non-payment, treating the advanced amount as a loan against the policy. Interest is charged on the loan at a rate specified in the policy contract.",
  "url": "https://mlchart.com/terminology/insurance/automatic-premium-loan/"
}

Record 253 of 3,748 in Insurance and risk management terminology (MLC-0106). Request the full dataset.