For the purposes of this section:
- (1) The rate of interest on policy loans permitted under this section includes the interest rate charged on reinstatement of policy loans for the period during and after any lapse of a policy.
- (2) “Policy loan” includes any premium loan made under a policy to pay one or more premiums that were not paid to the life insurer as they fell due.
- (3) “Policyholder” includes the owner of the policy or the person designated to pay premiums as shown on the records of the life insurer.
- (4) “Policy” includes certificates issued by a fraternal benefit society and annuity contracts which provide for policy loans.