- There is no legal obligation to repay a policy loan
- In case of policy loan, there is no need for a credit check
- Both A & B
- None of the three
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Answer: Option 3
The main advantage of a policy loan over other loans is that there is no credit check; the interest rate is usually much lower; the policyholder can pay back the loan according to virtually any repayment schedule; and, in fact, the policyholder is not even legally obligated to pay back the loan.
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