Valution Question about Non Operating Assets

I was asked this question at an interview, and am not sure I answered it correctly.

Company A has one shareholder, who is selling his company (asset vs. stock deal not relevant). On the balance sheet is cash surrender value of life insurance of $560,000. There is a shareholder loan receivable on the balance sheet in the amount of $90,000, related to the cash surrender value.

This following is from the financial statement notes: "The company has a loan receivable from the stockholder for money advanced to him totaling $90,000. This loan receivable consists of money advanced to the stockholder from proceeds of a loan on the life insurance policy. The loan is due on demand and carries an interest rate of 4.25%. The company does not expect to receive any payment in the next year, therefore we have classified the loan as long-term debt."

What is the correct way to account for the cash surrender value in arriving at an enterprise value? If that shareholder loan receivable were non-existent, I would just remove the cash surrender value and make a corresponding adjustment to retained earnings. I would come up with the value of the operations, and then add the cash surrender value as a non-operating asset to the value of the operations to get the enterprise value. I wasn't sure how to account for the shareholder loan receivable as mentioned above.