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Bettie has a $200,000 whole life policy with a $50,000 cash value.

Ohio Department of Insurance OH-Life-Agent-Series-11-44 Full Course Access
Ohio Department of Insurance OH-Life-Agent-Series-11-44 View All Questions

Bettie has a $200,000 whole life policy with a $50,000 cash value. She wishes to borrow $30,000 for the purchase of a new van. Which of the following Is TRUE In this situation?

A.

There is no requirement that she pay back the loan.

B.

Loans can only be taken for hardship situations.

C.

Whole life policies do not have any loan provisions.

D.

This type of loan is interest free.

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