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.