Definitions for "conversion privilege"
An insurance policy in which the insurer is required to renew the policy for...
Conversion privilege is a concept related primarily to the life and health insurance sector, whereby an insured is permitted to change from one type policy to another or to increase limits, at times substantially, without having to take additional physical examinations or prove insurability.
The right of a group member, when leaving the group, to obtain direct payment coverage, without proof of insurability, similar to the coverage provided by the group.
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See conversion.