a policy that may be exchanged for another type of policy, by contractual provision, at the option of the policy owner, and without evidence of insurability.
Term life insurance that can be exchanged for a cash value life insurance policy without evidence of insurability.
As it applies to insurance policies, it means a life policy which may be converted into individual straight life coverage, without a medical exam, within 30 days. It is a definition that is expected to be found in employee insurance contracts. p 150
A provision in a term life insurance contract t allows the contract owner to convert the term policy to a permanent life policy without evidence of insurability.
A provision in a term life insurance policy that allows the policyholder to convert the term policy to another life policy without evidence of insurability.
A policy that may be changed to another form by contractual provision and without evidence of insurability. Most Term policies are convertible into permanent insurance.
The right to exchange your coverage -- at rates then current for your age -- for a permanent form of insurance without proving insurability. This right is usually granted up to a specific age or for a number of years.
Term Contract that may be converted to a permanent form of insurance without medical examination. Click here to go back to the top