632.57 Conversion option in group and franchise life insurance.
153 words·~1 min read·
/wi/chapter-632/632-57A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
632.57 Conversion option in group and franchise life insurance.
(1)Scope of application. This section applies to all group life insurance policies other than credit life insurance policies and applies to franchise life insurance policies providing term insurance renewable only while the insured is a member of the franchise unit.
(2)Conversion right upon loss of eligibility. If the insurance, or any portion of it, on a person insured under a policy covered by this section ceases because of termination of employment or of membership in the class or franchise unit eligible for coverage, the insurer shall, upon written application and payment of the first premium within 31 days after the termination, issue to the person, without evidence of insurability, an individual policy providing benefits reasonably similar in type and amount to those of the group or franchise insurance, but which need not include disability or other supplementary benefits.
(3)Terms of conversion.