Which of the following statements about life insurance policy loans is true?

Insurance

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Which of the following statements about life insurance policy loans is true?

A) Loans are only permitted for specific reasons listed in the policy.

B) They are forgiven if the insured dies before the loans are repaid.

C) The policyholder must pay interest on a life insurance policy loan.

D) They must be repaid on the basis of a schedule determined at the time of the loan.

Answer: C) The policyholder must pay interest on a life insurance policy loan.

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