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Conversion Privilege

   Also found in: Medical 0.03 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.
conversion privilege
See exchange privilege.
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Conversion Policies for Term Life Insurance In the case where you may become ineligible for level term life insurance renewal or if you decide that you would prefer to take advantage of the benefits offered by permanent life insurance programs, many term policies offer a conversion privilege for a certain period of years.
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Most group insurance plans have a conversion privilege," McLellan said.
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Although most group life policies provide term coverage, most states require a conversion privilege allowing employees to convert their policies to permanent insurance and pay premiums directly to the insurer when they leave their job or organization.
EXPERTS OFFER TIPS ON LIFE INSURANCE BECAUSE IT'S GONNA HAPPEN by Daily News (Los Angeles, CA)
 
 
 
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