At the insurer's discretion, a separate converted policy may be issued to cover which of the following?

The correct choice, covering a dependent, is grounded in the principles of insurance policy conversions. In Maryland, when a policy is converted, it is common for insurers to allow the continuation of coverage for dependents, particularly under health insurance or life insurance policies. This allows the dependent to maintain insurance protection without going through the process of applying for a new policy.

In many cases, if the primary policyholder encounters changes such as job loss or changes in policy eligibility, a dependent can convert their coverage to a separate policy. This feature is designed to provide stability and protection for those who may rely heavily on the policyholder's insurance for their health or financial security.

Other selections, such as the policyholder themselves or a spouse, typically do not apply to the standard conversion processes that focus specifically on dependents. Additionally, covering a business isn't a standard aspect of personal policy conversion, as business insurance operates under different regulations and does not typically allow for conversion in the same manner personal policies do.