automatic premium loan

noun

Definition of automatic premium loan

: an insurance policy loan made automatically to cover a premium due and unpaid at the end of the grace period

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Cite this Entry

“Automatic premium loan.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/automatic%20premium%20loan. Accessed 29 Nov. 2020.

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