State RegulationsAZ specificDifficulty 1/5
Within what period after premium default may an Arizona individual life policy be reinstated?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-1213, a lapsed life policy may be reinstated within 3 years from the premium default, upon written application, evidence of insurability, payment of all overdue premiums plus interest, and repayment of any policy debt. The 2-year figure belongs to variable life reinstatement under A.R.S. 20-2604, which is the near-miss distractor the exam loves.
Why the other options are wrong
- A) 2 years is the variable life reinstatement window, not ordinary life.
- C) 4 years is the producer license term, not a reinstatement window.
- D) 1 year is the late-renewal window for licenses, not policy reinstatement.
Memory hook
Life lapses? Three years to revive.