What does Conversion Privilege mean? Read on to discover the definition & meaning of the term Conversion Privilege - to help you better understand the language used in insurance policies.
Allows the policyowner, before an original insurance policy expires, to elect to have a new policy issued that will continue the insurance coverage. Conversion may be effected at attained age (premiums based on the age attained at time of conversion) or at original age (premiums based on age at time of original issue).
We hope the you have a better understanding of the meaning of Conversion Privilege.