A policy loan is a type of loan that is secured by the cash value of a life insurance policy. This loan can be used for a variety of purposes, such as paying off debts, making home improvements, or funding a child's education. However, there are several synonyms for the term "policy loan" that can be used interchangeably. For instance, it can be called a cash value loan, a life insurance loan, or a loan against a policy. All of these terms essentially refer to the same thing, which is borrowing money from a life insurance policy that has built up cash value over time.