© 2014 Shmoop University, Inc. All rights reserved.
 

Finance Glossary

Just call us Bond. Amortized bond.

Over 700 finance terms, Shmooped to perfection.

Conversion Privilege

Definition:

The privilege is about being able to "convert" your policy, which expires this month into a similar policy, which continues for 3 more years, or something like that. Conversion privilege is a big deal for people with dicey health issues as the policy can't be cancelled for health problem reasons (and premiums generally stay the same).

Advertisement
back to top