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.