What does Automatic Premium Loan mean? Read on to discover the definition & meaning of the term Automatic Premium Loan - to help you better understand the language used in insurance policies.
Automatic Premium Loan
An optional provision in life insurance that authorizes the insurer to pay from the cash value any premium due at the end of the grace period. This provision is useful in preventing inadvertent lapse of the policy.
We hope the you have a better understanding of the meaning of Automatic Premium Loan.