20-1314. Conversion of weekly premium
policies
There shall be a provision in the case of weekly premium policies granting to the
insured, upon proper written request and upon presentation of evidence of insurability
satisfactory to the insurer, the privilege of converting a weekly premium industrial
insurance policy to any form of life insurance with less frequent premium payments
regularly issued by the insurer, in accordance with terms and conditions agreed upon with
the insurer. The privilege of making the conversion need be granted only if the
insurer's weekly premium industrial policies on the life insured, in force as premium
paying insurance and on which conversion is requested, grant benefits in event of death,
exclusive of additional accidental death benefits and exclusive of any dividend
additions, in an amount not less than the minimum amount of such insurance with less
frequent premium payments issued by the insurer at the age of the insured on the plan of
industrial or ordinary insurance desired.
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