| (a) If a policy contains a conversion privilege, the caption shall be "Conversion Privilege," or words of similar import. The provision shall indicate the persons eligible for conversion. The circumstances applicable to the conversion privilege, including any limitations on the conversion, and the person by whom the conversion privilege may be exercised, shall be described. The provision may indicate that the privilege is subject to the underwriting standards of the insurer relating to overinsurance. (b) A business overhead expense policy issued on either a guaranteed renewable basis, or on a non-cancellable basis, or renewable at the option of the company basis may contain a conversion privilege exercisable upon termination of the business interest, or it may provide for its continuation as a loss of time policy. (c) A policy issued pursuant to the exercise of a conversion privilege contained in an individual family or other
individual policy, the converted policy, or a rider attached thereto shall reflect the relative rights of each person covered under the converted policy.
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