convertible term insurance

convertible term insurance definition - business

convertible term insurance

Term life insurance that can be exchanged, at the option of the policyholder, for whole life insurance or universal life insurance. Proof of insurability of the policyholder is not required for the exchange.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.