When discussing Group Insurance policy plans through an employer, the term "conversion" occurs when: Question...
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Finance
When discussing Group Insurance policy plans through an employer, the term "conversion" occurs when: Question options:
The policy owner can convert to permanent insurance
The proceeds of the policy are paid to its beneficiaries
The proceeds of the policy become irrevocable and the policy owner forfeits their right to make all decisions regarding the policy
The plan member terminates employment, they are given the opportunity to convert lost coverage up to a $200,000 maximum, to an individual life insurance policy without evidence of insurability
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