§ 26-17-130 — 26-17-118. Conversion on termination of eligibility

Wyoming § 26-17-130

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 17: GROUP LIFE INSURANCE

Text

(a) If the insurance, or any portion of it, on a person or
dependent of a person covered under the policy ceases because of
termination of employment or of membership in any of the classes
eligible for coverage under the policy, the insurer shall offer
to issue to him, without evidence of insurability, an individual
life insurance policy without disability or other supplementary
benefits, provided:
(i) Application for the policy shall be made, and the
first premium paid to the insurer, within thirty-one (31) days
after termination;
(ii) The policy, at the person's option, shall be on
any one (1) of the forms customarily issued by the insurer at
the age and for the amount applied for, except that the group
policy may exclude the option to elect term insurance;
(iii) The policy shall be in an amount not exceeding
the amount of life insurance which ceases because of the
termination less the amount of any life insurance for which the
person is or becomes eligible under the same or any group policy
within thirty-one (31) days after the termination, provided that
any amount of insurance which matures on or before the date of
such termination as an endowment payable to the person insured,
whether in one (1) sum, in installments or in the form of an
annuity, for the purposes of this provision, shall not be
included in the amount which is considered to cease because of
the termination; and
(iv) The premium on the individual policy shall be at
the insurer's then customary rate applicable to the form and
amount of the individual policy, to the class of risk to which
the person then belongs and to his age attained on the effective
date of the individual policy.
(b) Subject to the conditions set forth in subsection (a)
of this section, the conversion privilege is available:
(i) To a surviving dependent, if any, at the death of
the employee or member concerning the coverage under the group
policy which terminates by reason of the death; and
(ii) To the dependent of the employee or member upon
termination of the dependent's coverage if the employee or
member remains insured under the group policy and if the
dependent ceases to be a qualified family member under the group
policy.