State RegulationsAZ specificDifficulty 3/5
During a review by the Arizona Department of Insurance and Financial Institutions (DIFI), a life settlement provider is found engaging in unfair settlement practices. Which provision of the life settlement chapter addresses such conduct?
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Answer & full 3-part explanation (select an option above, or peek)
Why D is correct
A.R.S. 20-3210 is the unfair-practice provision of Arizona's life settlement chapter, so unfair conduct by a settlement provider falls under it and is subject to oversight by the Director and DIFI. Knowing the location of this rule matters when reviewing settlement market conduct.
Why the other options are wrong
- A) A.R.S. 20-1203 governs the life policy grace period, not settlement practices.
- B) A.R.S. 20-1233 governs the annuity free-look period, not settlement practices.
- C) A.R.S. 20-3205 protects settlement applicants' medical and financial information privacy, not unfair practices.
Memory hook
Unfair settlements live in 20-3210.