20-1267. Conversion on termination of
policy
In group life policies there shall be a provision that if the group policy
terminates or is amended so as to terminate the insurance of any class of insured
persons, each person insured thereunder at the date of termination whose insurance
terminates and who has been so insured for at least five years prior to the termination
date shall be entitled to have issued to him by the insurer an individual policy of life
insurance, subject to the same conditions and limitations as are provided by section
20-1266, except that the group policy may provide that the amount of the individual
policy shall not exceed the smaller of the amount of the person's life insurance
protection ceasing because of the termination or amendment of the group policy, less the
amount of any life insurance for which he is or becomes eligible under any group policy
issued or reinstated by the same or another insurer within thirty-one days after such
termination, and two thousand dollars.
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