1. Right of an individual covered by a group insurance policy to convert to coverage under an individual insurance policy. This can occur when a person leaves the group, benefits are downgraded or terminated for a specific class, or when the group policy is terminated. 2. Right to change insurance coverage in specific situations from one type of policy to another (e.g., individual term insurance to individual whole life insurance). Also known as conversion.
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The right given to an insured person to change insurance without evidence of insurability.