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