§33-13-43. Same -- Conversion of monthly policies.
There shall be a provision, in the case of monthly premium
industrial life insurance policies, granting, upon proper written
request and upon presentation of evidence of insurability
satisfactory to the insurer, the privilege of converting a
monthly premium industrial life insurance policy to any form of
ordinary life insurance regularly issued by the insurer, in
accordance with terms and conditions agreed upon with the
insurer. The privilege of making such conversion need be granted
only if the insurer's monthly premium 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 ordinary insurance issued by the insurer at the age of
the insured on the plan of ordinary insurance desired.