Definition of policy loan
: a loan granted by the insurer to the holder of a life insurance policy in an amount no greater than the cash value of the policy
Start your free trial today and get unlimited access to America's largest dictionary, with:
- More than 250,000 words that aren't in our free dictionary
- Expanded definitions, etymologies, and usage notes
- Advanced search features
- Ad free!
Seen and Heard
What made you want to look up policy loan? Please tell us where you read or heard it (including the quote, if possible).