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NOTICE of CONVERSION PRIVILEGE Form
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People also ask
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What does conversion privilege mean?
What is the conversion privilege? The right of an individual insured under the Group Life Insurance policy to replace all or part of his/her Life Insurance Benefit with an individual policy if all or part of his/her coverage under the group policy terminates. -
What is a conversion option on life insurance?
A conversion clause is a section of a life insurance contract that allows policyholders to convert their term life insurance policy to a permanent form of life insurance. Conversion clauses may allow a policyholder to maintain coverage without presenting new evidence of their insurability. -
What is a conversion notice?
This conversion notice is a Standard Document that may be used by a borrower to request the conversion of an existing loan from one type of advance to another type of advance in the same currency. -
What does notice of conversion mean?
Agencies give this form to employees and assignees when the employee's life insurance coverage ends due to separation, resignation, retirement, death, or the end of 12 months in non-pay status. -
What does conversion status mean?
Conversion of Status results when an employee's hours of work are amended to the extent that the position would fall within a different definition set out in Article 2. -
What is the conversion privilege will be available to?
This option is usually available to employees who are younger than 69 and not leaving their employer due to illness, injury, or retirement. Most “ported” group life insurance will cover a former employee until age 70.
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