If a term life insurance is convertible,the policy can be:
A) transferred to the life of another person.
B) exchanged for cash.
C) changed to health or disability protection.
D) converted to a comparable whole life policy.
E) revised as needed.

Question

Quizplus · Accepted Answer

When a term life insurance policy is convertible, it means the policyholder has the option to convert it to a whole life insurance policy at a later time without having to go through the underwriting process again. This can be beneficial if the policyholder's health has deteriorated since the initial policy was purchased, making it difficult to obtain a new life insurance policy. The other options listed (A,B,C, and E) do not apply to convertible term life insurance policies.

If a Term Life Insurance Is Convertible,the Policy Can Be