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conversion privilege |
Also found in: Financial | 0.02 sec. |
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conversion privilege, n the right of an individual covered by a group dental insurance policy to continue having coverage on a direct payment basis when association with the insured group is terminated. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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has introduced Family Protection Insurance, a term-life policy that can cover both adults and dependent children with conversion privileges and the ability to increase coverage without further proof of insurability at the same rate as at the initial purchase. In the legislative history to the NQPS provisions, however, Congress evinced concern that the NQPS provisions should not necessarily be avoided by the inclusion of conversion rights per se: "In no event will a conversion privilege into stock of the issuer automatically be considered to constitute participation in corporate growth to any significant extent. Such rights would include all of the right, title, interest, ownership, control, and incidents of ownership in any and all insurance policies, and would include any conversion privilege, |
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