(a) There may be a provision in the case of industrial policies granting to the insured, upon proper written request and upon presentation of evidence of insurability satisfactory to the insurer, the privilege of converting any 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.
(b) The privilege of making the conversion need be granted only if the insurer's 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 the 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.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 82 - Industrial Life Insurance
§ 23-82-103. Application to term and specified insurance
§ 23-82-104. Policies prohibited
§ 23-82-105. Grace period provision
§ 23-82-106. Integrity of contract and application provision
§ 23-82-107. Incontestability provision
§ 23-82-108. Misstatement of age provision
§ 23-82-109. Dividend provision
§ 23-82-110. Nonforfeiture benefits and cash surrender value provisions
§ 23-82-111. Reinstatement provision
§ 23-82-112. Settlement provision
§ 23-82-113. Authority to alter contract provision
§ 23-82-114. Designation of beneficiary — Payment upon insured's death
§ 23-82-115. Direct payment of premiums provision