Which is correct?

A. A convertible Term policy cannot be converted into a whole life policy

B. A convertible policy can be converted into a money back cover also

C. A Convertible Term policy can be converted into a whole life policy

D. A converting term policy can be converted into a decreasing term policy

Answer: Option C

Solution(By Examveda Team)

A convertible policy can be converted into another type of insurance policy at the same insurance company. Typically, convertible insurance deals with a level-term insurance policy that can be converted into a permanent/cash value policy that may be some form of whole life or universal life.