conversion (group insurance)

  • A provision under a group life insurance contract that on termination of employment or termination of the contract, an employee is entitled (on application within a certain period) to be issued a regular form of permanent ordinary insurance in an amount not exceeding his group insurance without evidence of insurability. Also applicable to group health insurance.

    Internal Revenue Service 1

1Internal Revenue Service, Internal Revenue Manual 4.42.6 Glossary, http://­www.irs.gov/­irm/­part4/­irm_04-042-006.html (last accessed Dec. 22, 2009).