20-1315. Conversion of monthly premium
policies
There shall be a provision, in the case of monthly premium industrial policies,
granting, upon proper written request and upon presentation of evidence of insurability
satisfactory to the insurer, the privilege of converting a monthly premium industrial
insurance policy to any form of ordinary life insurance 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 monthly 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 ordinary insurance issued by the insurer at the age of the
insured on the plan of ordinary insurance desired.
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