The carrier is not required to issue a converted policy if at the time of application the applicant:

1. (1)

   1. (a) has coverage under other disability insurance policies, health service corporation contracts, or self-insured health benefit plans providing similar benefits;
   2. (b) is eligible for coverage under a group policy or contract providing similar benefits;
   3. (c) is provided with similar benefits required by any statute; or
   4. (d) is covered under any national, state, or governmental plan; and
2. (2) has coverage under subsection (1) that, together with the converted policy, would result in overinsurance according to the carrier's underwriting standards.

History: En. Sec. 7, Ch. 245, L. 1981.