State RegulationsAZ specificDifficulty 1/5
Under A.R.S. 20-2604, an Arizona variable life policyholder has the right to return the policy after receipt for a refund within:
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Answer & full 3-part explanation (select an option above, or peek)
Why B is correct
Under A.R.S. 20-2604, a variable life policy delivered in Arizona must provide a right of return for 10 days after the policyholder receives the policy. On return, the refund equals the premiums paid minus amounts allocated to the separate account, plus the separate-account value when the returned policy is received. This is one of Arizona's limited statutory free-look rights.
Why the other options are wrong
- A) A 30-day return right belongs to other statutory free-look regimes, not the variable life right of return, which is 10 days under A.R.S. 20-2604.
- C) A 20-day window is not the statutory figure; A.R.S. 20-2604 fixes the right of return at 10 days after receipt.
- D) A 31-day window reflects certain grace-period figures in Arizona law, not the variable life return right, which runs 10 days.
Memory hook
Variable life return right: 10 days from your hands to the refund.