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Conversion Privilege |
Also found in: Medical | 0.32 sec. |
Conversion Privilege 1. In insurance, a policy in which both the premiums and the coverage are guaranteed for a certain number of years, regardless of the health of the insured person. This privilege is operative as long as premiums are paid on time. The insurer may only increase the premium if premiums are increased to the whole class of policyholders. 2. The right of a policyholder to convert a group policy to an individual policy without a health examination. This right is usually exercised after the termination of employment, and the premium is determined by the policyholder's attained age. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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has introduced Family Protection Insurance, a term-life policy that can cover both adults and dependent children with conversion privileges and the ability to increase coverage without further proof of insurability at the same rate as at the initial purchase. In the legislative history to the NQPS provisions, however, Congress evinced concern that the NQPS provisions should not necessarily be avoided by the inclusion of conversion rights per se: "In no event will a conversion privilege into stock of the issuer automatically be considered to constitute participation in corporate growth to any significant extent. Such rights would include all of the right, title, interest, ownership, control, and incidents of ownership in any and all insurance policies, and would include any conversion privilege, |
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