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Jacob owns a Whole Life insurance policy and wants to borrow against its cash value. Which of the following statements is true?
Options
a. He must pay the interest rate indicated in the policy or it will be added to the policy loan.
b. Since Jacob owns the policy and its cash values, there is no interest on the loan
c. The amount of loan that Jacob can take will be determined by the Fair Credit Act.
d. Unpaid loans are forgiven at the insured’s death.
Answer: A
The above question Jacob owns a Whole Life insurance policy and wants to borrow against its cash value. Which of the following statements is true?, Was part of Insurance MCQs & Answers. I hope you got the correct answer to your question. Have a great time ahead.
