58-15-15.4. Insurance policy loan--Definition of terms.

For purposes of §§ 58-15-15.5 to 58-15-15.12, inclusive:

(1)    The rate of interest on policy loans permitted under §§ 58-15-15.5 to 58-15-15.12, inclusive, includes the interest rate charged on reinstatement of policy loans for the period during and after any lapse of a policy;

(2)    The term "policy loan" includes any premium loan made under a policy to pay one or more premiums that were not paid to the life insurer as they fell due;

(3)    The term "policyholder" includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer; and

(4)    The term "policy" includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans.

Source: SL 1982, ch 358, § 1.