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Policy Loan Interest Rates
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Policy Loan Interest Rates

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Questions and Answers

According to the policy, what is the maximum interest rate for cash loans on policies issued on or after October 1, 1981?

  • Not more than 8% per year (correct)
  • Not more than 12% per year
  • Not more than 5% per year
  • Not more than 10% per year

    • When must the life insurer notify the policyholder of the initial rate of interest on a cash loan?

  • One week after the cash loan is made
  • One month after the cash loan is made
  • One year after the cash loan is made
  • At the time a cash loan is made (correct)

    • Will a policy terminate in a policy year solely due to a change in the interest rate during that policy year?

  • It depends on the amount of the interest rate change
  • No, the policy will not terminate (correct)
  • Yes, the policy will terminate
  • It depends on the type of policy

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