LoanRepaymentType
stringAllowed values:INTERESTFIRSTPRINCIPALFIRST
LoanValues
objectThe Total Loan Balance refers to the outstanding loan amount on a life insurance policy, including the principal, accrued interest, and any unpaid loan charges. This balance reflects the total amount the policyholder owes the insurance company when a policy loan is taken against the cash value.
Example:1000
The Total Loan Principal refers to the original amount borrowed by the policyholder against the cash value of a life insurance policy, excluding any accrued interest or unpaid loan charges. It represents the base loan amount before interest accumulation
Example:100
The Loan Payoff Amount refers to the total amount required to fully repay a policy loan, including the outstanding loan balance, accrued loan interest, and any adjustments for unearned interest. This value is calculated daily and fluctuates based on the loan’s interest accrual
Example:100
The Maximum Loan Amount refers to the highest amount a policyholder can borrow against their life insurance policy’s cash value. This limit is determined by the policy’s cash value, outstanding loans, and insurer-specific rules
Example:161.81698
The Minimum Loan Amount refers to the smallest amount a policyholder can borrow against their life insurance policy’s cash value, as defined by the insurer. This limit ensures that administrative costs and processing fees are justified for each loan transaction
Example:100
The Total Loan Accrued Interest refers to the amount of interest that has accumulated on a policy loan so far within the current year. This interest is added to the outstanding loan balance if it is not paid separately by the policyholder
Example:100
The Last Loan Interest Due Date refers to the last policy anniversary date when loan interest was due on an outstanding policy loan. Since loan interest on life insurance policies is typically charged annually, this date always corresponds to the most recent policy anniversary date
Example:2023-01-01
The Total Number of Loans refers to the total count of policy loans taken by the policyholder throughout the life of the insurance policy. It tracks each separate loan transaction, regardless of whether previous loans were repaid or still outstanding
Example:10
Allowed values:ADVANCEARREARS
The Total YTD (Year-To-Date) Loan Taken refers to the total amount of policy loans taken by the policyholder within the current calendar or policy year. It tracks all loan transactions processed within the year, excluding prior years` loan activity
Example:1000
Allowed values:INTERESTFIRSTPRINCIPALFIRST
The Minimum Loan Repayment refers to the smallest amount a policyholder is required to repay on a policy loan, as specified by the insurance company. This ensures that the loan balance is managed and prevents excessive interest accrual, which could lead to policy lapse
Example:100
GetLoans
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OwnerInformation
objectThe suffix of the owner party name
The type of relationship to the owner
The full name of the owner party
The first name of the owner party
The middle name of the owner party
The last name of the owner party
The gender of the owner party
The date of birth of the owner
InsuredInformation
objectThe full name of the insured party
The first name of the insured party
The middle name of the insured party
The last name of the insured party
The gender of the insured party
The date of birth of the insured party