South Carolina Code 38-63-260. Policies with face value less than five thousand dollars
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 38-63-260
- insurance: includes annuities. See South Carolina Code 38-1-20
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Policy: means a contract of insurance. See South Carolina Code 38-1-20
Notwithstanding any other provision of this article, for life insurance policies having a face value of less than five thousand dollars, life insurers may issue policies with an adjustable maximum policy loan interest rate when the policy loan is three hundred dollars or more, but, if the policy loan is less than three hundred dollars, a fixed policy loan interest rate of not more than eight percent per annum must be charged.