When terminating an employer group plan, "conversion" occurs when: Question 14 options: The proceeds of the policy are paid to its beneficiaries The proceeds of the policy become irrevocable and the policy owner forfeits their right to make all decisions regarding the policy The plan member terminates employment, they are given the opportunity to convert lost coverage up to a $200,000 maximum, to an individual life insurance policy without evidence of insurability Conversion is not associated to group plans its associated with disability insurance