UK: 1. Tort committed by a person who keeps property belonging to another or who disposes of it wrongfully, e.g. selling another person’s car without authority. Conversion may occur deliberately or innocently. The Torts (Interference with Goods) Act 1977 extends conversion to include negligent loss of another’s property by a bailee. Insurance is available for motor traders who unwittingly sell stolen vehicles and solicitors (and others) who misdeliver documents (professional indemnity insurance). 2. In life insurance convertible term policies can be converted to either whole life or endowment policies without further evidence as to health. Whole life policies can be converted into endowment policies. Also, existing policies having a surrender value can be converted to paid-up policies for reduced sums with no further premiums payable.
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It is the wrongful disposition and detention of personal property belonging to another. Conversion usually results from the failure of a person who had legal possession of personal property to return it as agreed.
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MEDICAL,USA,REFERENCE: See: conversion plan and conversion privilege.