Conversion of Insurance Policy Law and Legal Definition

Conversion of insurance policy is the surrender of a life insurance policy to the insurer in exchange for another policy pursuant to a right or privilege provided the insured in the original policy.

A conversion insurance policy must provide benefits equal to those provided under the original group insurance policy. [Savona v. Prudential Ins. Co. of Am., 51 F.3d 241 (11th Cir. Fla. 1995)].