An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes to the health of the insured. The agreement requires that premiums are paid on time and that the insurer makes no changes except if a premium change is made for an entire class of policyholders. also called guaranteed renewable or convertible term insurance or guaranteed insurability.
Related information about conversion privilege:
- Conversion Privilege Definition | Investopedia
An insurance policy in which the insurer is required to renew or update the policy regardless of the insured's health. An insurance policy with this type of ...
- What is conversion privilege? - InvestorWords.com
Definition of conversion privilege: An insurance policy in which the insurer is required to renew the policy for a specified amount of time regardless of changes to ...
- Conversion Privilege - Financial Dictionary - The Free Dictionary
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.
- Conversion Privilege: Definition from Answers.com
Conversion Privilege Right of a certificate holder to convert group life or group health insurance to an individual policy without a physical examination.
- What is a Conversion Privilege?
The conversion privilege is a provision that is included in many different types of insurance policies. Essentially, the conversion privilege commits the issuer of ...
- What is conversion privilege? - BusinessDictionary.com
Definition of conversion privilege: Right of an insured to switch over to another type of policy without causing any break in the insurance cover.
- SF 2819 - Office of Personnel Management
However, extension of the conversion privilege beyond 31 days does not extend coverage under any circumstances. If death occurs within the 31-day period, ...
- NOTICE OF CONVERSION PRIVILEGE Information for Policyholder ...
NOTICE OF CONVERSION PRIVILEGE. Information for Policyholder or Administrator. Many states have laws requiring the group policyholder to notify covered ...