State RegulationsAZ specificDifficulty 1/5
A life policy issued in Arizona has no beneficiary named at the insured's death. Under A.R.S. 20-1215, to whom are the proceeds payable?
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-1215, life proceeds are paid according to the beneficiary designation, and absent any designation they pass to the insured's estate. This is why keeping beneficiary designations current matters so much for policyowners.
Why the other options are wrong
- A) The State of Arizona is not a default payee of life proceeds.
- C) There is no surplus-account destination for unclaimed-designation proceeds.
- D) Counties are not default payees under Arizona's payment-of-claims statute.
Memory hook
No beneficiary named? The estate takes the check.