Just call us Bond. Amortized bond.
Over 700 finance terms, Shmooped to perfection.
If you have health insurance (and... it's illegal not to, so you do), there's a point at which that policy expires. The conversion privilege lets you "convert" your policy into a similar policy that continues on for a few more years. Conversion privilege is a big deal for people with dicey health issues because it means the policy can't be cancelled for health reasons (and premiums generally stay the same).