Pennsylvania Statutes Title 40 P.S. Insurance § 571. Exchange, alteration and conversion of policies

Any life insurance company may, at the request of a policyholder, exchange, alter or convert any policy of life or endowment insurance, or annuity policy contract, or any other policy benefits additional thereto issued by it, for or into any policy which conforms with the laws in force on the date of the original policy, if the rewritten policy is, by its terms, made effective as of such date, or which conforms with the laws in force on a subsequent date as of which the rewritten policy is by its terms made effective. If the rewritten policy is made effective as of a date earlier than the date on which the exchange, alteration or conversion occurs, (a) the rewritten policy, if evidence of insurability is required in conjunction with an exchange, alteration or conversion to a policy on a plan requiring a lower premium rate or to a policy to which benefits or features are added differing from those in the original policy, may provide that the date on which the exchange, alteration or conversion occurs shall be used in determining the applicability of an incontestability clause in the rewritten policy to the right of the company to contest such exchange, alteration or conversion or in determining the applicability of a clause in the rewritten policy limiting liability in the event of suicide of the insured, and (b) the amount of insurance under said rewritten policy shall not exceed the amount of insurance under said original policy, or the amount of insurance which the premium paid for the original policy would have purchased if the rewritten policy had been originally applied for, whichever amount is the greater. Nothing contained in section three hundred and forty-six,  1 or in clause (c) of section four hundred and eleven, of this act  2 shall be construed as prohibiting any such exchange, alteration, or conversion of policies as provided by this section.