State RegulationsAZ specificDifficulty 1/5
What is the grace period for an individual life insurance policy issued in Arizona?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-1203, a life policy must contain a grace period of 30 days, or at the insurer's option one month of not less than 30 days, for every premium after the first, and coverage continues in force during that window. Arizona deliberately deviates from the NAIC-model 31-day figure for life policies; 31 days belongs to health policies and scheduled-premium variable life, so quoting 31 days for ordinary life is the classic error.
Why the other options are wrong
- A) 31 days is the health-policy and scheduled-premium variable life figure, not the ordinary life grace period.
- C) 45 days is the health reinstatement figure under a conditional receipt, not a life grace period.
- D) 90 days is the A&H proof-of-loss deadline, not a grace period.
Memory hook
Life grace: thirty, not thirty-one.