Common use of Conversion Benefit Clause in Contracts

Conversion Benefit. There is a conversion privilege which gives an individual--on termination of his insurance under the policy--the right, under certain stated conditions, to continue his life insurance protection under an individual policy.

Conversion Benefit. There is a conversion privilege which gives an individual--individual -- on termination of his insurance under the policy--policy -- the right, under certain stated conditions, to continue his life insurance protection under an individual policy.