conversion privilege

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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

References in periodicals archive ?
ENPNewswire-August 16, 2019--Royal Bank of Canada announces results of conversion privileges of NVCC Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BB
Ask your life insurance company whether you have the option of "conversion privileges" from your current term life insurance policy to a new whole life insurance policy.
BANKING AND CREDIT NEWS-February 18, 2014--RBC posts results of preferred share conversion privileges
M2 EQUITYBITES-February 18, 2014--RBC posts results of preferred share conversion privileges
It is affordable, and you have conversion privileges. Because this couple wants to cover income re placement, debt retirement and college funding, this amount will do the job.
Others have revisited the guaranteed purchase and future purchase options by eliminating the flaws associated with past designs and allowing for multiple opt-outs and conversion privileges. Such designs target the "sandwich generation" client in an attempt to lock in insurability and leave buy-ups for a time when money isn't tight.
It is important to provide information on any features, benefits or conversion privileges, etc.
BANKING AND CREDIT NEWS-January 22, 2014--Royal Bank of Canada will not exercise conversion privileges on preferred shares
M2 EQUITYBITES-January 22, 2014--Royal Bank of Canada will not exercise conversion privileges on preferred shares
When making a term life insurance recommendation, agents should consider the issuing company's financial strength, the policy's conversion privileges, the policy's waiver of premium rider features and the ability of the policy's features to work simultaneously.
The offer is intended for those term policies that can be converted to universal life, Russell said, adding "most of those policies have conversion privileges."
With conversion privileges and annuities, plus new opportunities with the same clients, well, you get the picture!