Question

The 31 days in which the employee may change his/her group policy to an individual policy upon termination and without evidence of insurability, is known as:

A. The Contestable Period
B. The Conversion Period
C. Ownership Rights Provision
D. Change of Policy Provision

Answer 1

The 31-day timeframe for an employee to convert a group policy to an individual one upon leaving a company is the Conversion Period.

Step-by-step explanation:

The 31 days during which an employee may change his or her group policy to an individual policy upon termination without providing evidence of insurability is known as the Conversion Period. This period offers a safety net for employees leaving a company, ensuring that they can maintain life insurance coverage even when they are no longer part of the group policy associated with their former employer. The conversion privilege is particularly important for those who may not qualify for a new policy due to health issues that developed while covered under the group policy