Sec. 1308. Conversion privilege.
131 words·~1 min read·
/il/chapter-215/act-5/1308A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1308. Conversion privilege. Notwithstanding the provisions of Section 231.1(H) of this Code, all group mortgage life insurance policies and any certificates issued thereunder shall include a conversion privilege permitting a debtor insured to convert, without evidence of insurability, to an individual policy of decreasing term insurance within 30 days of the date the debtor insured's group coverage is terminated for any reason other than the nonpayment of premiums. The initial amount of coverage under the individual policy shall be an amount equal to the amount of coverage terminated under the group policy and shall decrease over a term that corresponds with the scheduled term of the insured debtor's mortgage loan.
The premium for the individual policy shall be the same premium the debtor insured was paying under the group policy.