What does Conversion mean? Read on to discover the definition & meaning of the term Conversion - to help you better understand the language used in insurance policies.
1) The wrongful use of disposition of another person's property by someone who is in lawful possession of it. 2) In life insurance: changing a life policy, at the policy owner's request, from a term policy to a permanent policy without new evidence of insurability. Conditions and limitations in the original term policy vary by plan.
We hope the you have a better understanding of the meaning of Conversion.