conversion privilege
Definition
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.
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Related Terms
straight bond
'conversion privilege
' appears in the definitions of these other terms on BusinessDictionary.com
straight bond
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