Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-83-117. Conversion on termination of eligibility provision

(2)(A) The individual policy shall be in an amount not in excess of the amount of life insurance that ceases because of the termination, less the amount of any life insurance for which the person becomes eligible under the same or any other group policy within thirty-one (31) days after the termination.

(B) However, any amount of insurance that shall have matured on or before the date of the termination as an endowment payable to the person insured, whether in one (1) sum or in installments or in the form of an annuity, shall not be included, for the purposes of this provision, in the amount that is considered to cease because of the termination;

(A) To a surviving covered dependent, if any, at the death of the covered person, with respect to the coverage under the group policy that terminates by reason of the death; and

(B) To the covered dependent of the person upon termination of coverage of the dependent, while the covered person remains insured under the group policy, by reason of the dependent's ceasing to be a qualified family member under the group policy.